“My bank account's got robbed by European Commission. Over 700k is lost.”

This is just undermining the bank system. There is no reason big enough to do something like this and it appals me that some people are saying that he had it coming.

A part of it is 'dirty' and that argument is being used to validate the confiscation of working people's money and company's money which the EU's economy is based upon.

The fact that they announced this before taking a decision is just beyond stupid, any normal thinking human being knows that it's a bad approach given that they want to prevent a bank run. People in other countries are fearing that the same procedure will happen to them. This has a way bigger impact than just some companies and some rich people and some bad russians, they are just harming the image of banks in whole Europe.

Next to that fact, OP has a medium sized business, people work there, wages can't be paid, this has a major influence on companies all over Europe and everyone who works there. OP put his money in Cyprus because it was profitable, is that a bad thing? You have to choose paths that are most profitable for your company and he didn't put it in some obscure market, it was backed by a bank, we generally trust banks.

Now they want to prevent a bank run, this is just a ticking timebomb. Whenever the 300 euro/day rule doesn't apply anymore, there will be a bank run. No money will be going into the bank anytime soon. They are going to regret this.

Unless there are very very big deposits in your banks relative to your GDP...

I'm not saying that this solution is ideal or "really fair", but when you deposit your money in a bank that gives very high interests compared to other banks in the same currency, you should know you're assuming higher risks. And it isn't fair that if everything goes well you keep the interests, if it goes bad someone else pays for the risk.

The OP does not seem to understand that the bank account was not robbed by European Commission, it was just lost because it was a bad investment.

He put money in a bank that failed. Presumably, he made the investment for reasons of convenience of operating the capital in Cyprus, but also because the particular bank he chose was paying high interest rates. It was paying high interest rates because everyone knew the risk was high. The risk materialised. Who is surprised?

EU helps a bit but is not prepared to compensate him for losses; this is not a fault of the European Commission.

I'm a bit short of sympathy because of this blaming of Merkel, Rehn et al. They're not perfect, but they are not culpable for this loss.

Cyprus has had tax as percentage of GDP at below 40 %. Northern Europe is closer to 50 %. If you had wanted buffers provided by the state, you should have collected taxes to do so. Alternatively, you could have stayed out of the euro, and then the government could just print money and rescue the banks. Of course, outside the euro you wouldn't have been such a great haven for grey and black Russian money.

If anything he should be angry at his accountant. I assume he has one if he has 800k. How many wake up calls does someone need. In the UK when banks were failing, before there was a solution the Government said they would guarantee the first £50k of savers. It might have then gone up to £100k.

My parents who have a fairly large sum of money hired a decent accountant to mitigate a large portion of the risk. Spreading their money between a fairly large number of bank accounts.

You then look at when Iceland banks failed. Lots of people lost money.

The Cyprus banking sector size was ridiculous. It was 7x Cyprus GDP. If the sector failed it was fairly obvious Cyprus would be unable to save it. You have no idea what the terms would be of a bailout or if a small country like Cyprus would get one..

So back to my main point. Get a decent accountant. Understand where your money is going.

Why should they be treated the same when they are clearly not the same.