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Hostage standoff at Beirut bank ends with gunman’s surrender after negotiating withdrawal of $30,000 of his own money

Authorities say 42-year-old Bassam al-Sheikh Hussein entered the Federal Bank in Beirut’s bustling Hamra district with a shotgun and a canister of gasoline and threatened to set himself on fire unless he was allowed to take out his money ($200,000).

His brother, who was also on scene, told the Associated Press Hussein was seeking to withdraw his money to pay for his father’s medical expenses and other family needs.

“My brother is not a scoundrel, he is a decent man,” Atef al-Sheikh Hussein told the news agency. “He takes what he has from his own pocket to give to others”…

Banks in Lebanon, which is suffering from the worst economic crisis in its modern history, have implemented strict withdrawal limits on foreign currency assets, effectively freezing the savings of many citizens, Khodr said.

“Banks have imposed informal capital controls for nearly three years. In late 2019, people were locked out from their savings. A few months later they started to impose limits on withdrawals as well...

[aljazeera.com]

Garsco 8 Aug 11
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This is the primary reason I hate banks, and the primary reason banks hate Crypto.

The banks really hate cryptocurrencies...

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Yes and they pay more than 10% interest, problem is you can't get it in cash!
A have a friend from Lebanon and he has just told me that the government has now stopped paying any interest on deposits and still no one can width-draw any of their money!

That's because the banks can.

@eschatologyguy And they can do it here.

@ScottforKing Banking is a business based on trust, and when they can't be trusted anymore, we should avoid their services. I don't have savings in a bank, but I use banks just for transfering funds. There are bank accounts that allow zero balance in the account, and that's perfect for me.

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Coming soon to a bank near you. Don't keep more than a month's worth of bills payments in your account.

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