Say this to thousands of Cypriots who just became jobless. I will continue my business in another country, but they just lost everything.

I'm guessing that this account fluctuated from very high to very low, over the course of a month, and it just had the misfortune of being caught at a high point.

You didn't hear?  They all got out.

The banks involved all had branches in London and elsewhere and "accidentally" forgot to notify those branches about the freeze until all the Russian oligarchs finished cashing out.

Oh, I see.  So in the end, only the honest businesses, doctors, lawyers and such got the shaft.

That sounds about right. 

Denninger can be a douche when it comes to some issues, but this is not one of them:

http://www.market-ticker.org/akcs-www?post=219136

You're barking at a wrong tree. Basically it is just a bank's fuck up.
Bank is insolvent, it cannot pay everybody.

Normally government steps in in such situations, but liabilities of Cypriot banks are way bigger than Cypriot government can afford.

So they asked EU for a loan... But EU does not want to cover total liabilities of Cypriot banks, they want to reduce such liabilities into a more manageable sum so that people held money in Cypriot banks will take some loss. Otherwise debt is unsustainable, I guess.

Without EU's bailout the only option is liquidation... It isn't true that bank is left with 0 assets, but it would take a lot of time to sell those assets, and in the end you'll probably get same 20%.

So you should not blame European Commission. Yes, they could help you more, but it is up to them. They did not steal your money.

It was oversight on your side to keep money in banks of a country with oversized banking sector. High liabilities to GDP ratio means that country cannot help its banking sector. Same thing happened to Iceland, although deal was different.

Anyway, if you want to keep money in offshore banks again, that means that you haven't learned the lesson.

Wasn't discussing monopolies, but generally there should always be competition. As for the government paying private businesses... no shit? At the very base, what do you think a subsidy is? It is the government cutting off the bottom of a bill, saying "here, you have some free money now" and its up to the business to decide how to spend it. Many pass that back on to the customers, but not all.

I'm not going to argue with you over anarchy, if you believe anarchy works... go to one of the anarchist capitals of the world.. we have plenty of them (most of which are war torn hell holes, being dragged apart by warring bands and foreign corporations utilizing the material value where the local citizens cannot.) I personally prefer living in a slightly more organized society. That isn't to say that I am pro-nanny state, or love big government, I would much prefer a happy balance between social liberty, science based economy, and smoothly run democracy... But I'm sure I'll never see that in my life time. XD

Government is a monopoly on the industries of Security and Justice. Taxation is how this monopoly is funded. I agree with you that there should always be competition, especially in those industries. Which is why I am an anarchist. Perhaps you would be more comfortable with the term Anti-monopolist.

Condolences for your banking loss, OP.

While I can't speak from personal experience, I know several relatives and friends who run physical brick and mortar businesses.  For the most part, they'd laugh at $100K to do what needs to be done.  Most people I knew would be handling $500K+ a year; not all profit by a long shot (expenses, payroll, etc etc etc). 

As a couple posts above me said, yeah it looks like just the more successful local and unmovable businesses ended up footing the bill, which is all too sad.

Good luck on your new endeavors elsewhere, OP!