Inside an Armed Bank Raid in Lebanon \ stacker news ~bitcoin

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Inside an Armed Bank Raid in Lebanon www.youtube.com/watch?v=QcGVGoO6WaI

10 sats \ 2 comments \ @Wumbo 8 Dec 2022 bitcoin

0 sats \ 0 replies \ @cryptocoin 19 Dec 2022

For additional information on this topic, see also another post found here on SN:

People in Lebanon are robbing banks to access their own savings #109062 https://www.npr.org/2022/12/17/1143142512/lebanon-economy-bank-robbery-savings

0 sats \ 0 replies \ @cryptocoin 9 Dec 2022

I guess ... if you are willing to to go full rambo to retrieve your funds from an insolvent bank (and insolvent banking system), it pays to be among the first to do so.

So far ten of these have occurred. For the ones mentioned, ... charges have been dropped.

To me, this seems like preferential treatment after a bankruptcy. Those with enough money at stake and the mindset to use violence are getting access to their funds, while those with less funds or won't use violence will not be seeing their funds (at least, not at the same percentage as those who have done this "raids").

Lebanon is not the first country that has seen economic collapse following years of systemic corruption, resulting in its currency losing most of its value (and it won't be the last).

What will become interesting when it is not just a single country (and a small one at that, with a population of just 5 million people) experiencing economic collapse and its people resisting bank bail-ins, but multiple countries (including larger ones), in economic crisis all at the same time. The IMF simply can do very little.

Here are a couple of articles that summarize the situation fairly well:

[T]here is only one way they can resolve the issues causing the hold-ups – by declaring bankruptcy and liquidating their assets to pay their debtors (ie depositors). However, under Lebanon’s Law No 2/67 (also known as the “Intra Law”) which governs the insolvency proceedings of Lebanese commercial banks, a bankruptcy declaration could lead to the liquidation of personal assets – yachts, cars, property – of bank executives, and the elites holding shares and management positions in these banks appear to have no intention of taking this risk.

Lebanon bank holdups: Who is the real criminal? https://www.aljazeera.com/opinions/2022/11/18/lebanon-bank-holdups-who-is-the-real-criminal

Today, banks in Lebanon neither give loans nor take new deposits, and they return to people a small fraction of their savings in U.S. dollars at an exchange rate that is far lower than market value.

Lebanese banks battered by meltdown struggle to survive https://abcnews.go.com/International/wireStory/lebanese-banks-battered-meltdown-struggle-survive-94749450