"Very few people can afford to be poor"
– George Bernard Shaw
Nobody likes losing money that was parked at a bank account for safe keeping. We always expected banks to be a safe environment to protect us from risks we couldn't take ourselves. With the financial disasters like Lehman Brothers, Landsbanki (icesave), DSB, SNS Property Finance and Laiki Bank a whole new chapter started with the Federal Bank of the Middle East, in short: FBME.
At the end of the previous century the financial markets were at a peak. It looked like everything was up and stockmarkets only made profits. Things continued in the early 2000's, even after 9/11 the markets repacked rather quickly.
The first bursts became visible after 2006 and in 2007 where governments got into trouble and a major international bank got into trouble. The domino effect went on and countries like Argentina and Greece make the world shake on its feet.
On a smaller scale, but with huge effects for the customers is Cyprus and Tanzania based FBME bank. The bank closed its doors and is slightly operational. A strange situation that has been going on for months already. If you're a customer of FBME you can find more information to reclaim your money further on this website and for FBME bank news, just open the tab in the header of this page for more information and the latest updates.