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
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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:
Lebanon bank holdups: Who is the real criminal?
https://www.aljazeera.com/opinions/2022/11/18/lebanon-bank-holdups-who-is-the-real-criminal
Lebanese banks battered by meltdown struggle to survive
https://abcnews.go.com/International/wireStory/lebanese-banks-battered-meltdown-struggle-survive-94749450
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