When felix Waals, Spain LA VALL D 'UIXO (AP) - his bank manager's advice, all his savings and investment bank stock, he it is not thought of.
This is a simple question of loyalty.
After all, how could he doubts the local bank to open an account for him, he was born in 1935 5 peseta gift, a lot of those days, as his parents, who is a sign of life, long-term customers? Now, the 77 - year - old Waals betrayed, because he found himself locked in his hard-earned money.
"I don't know what this is about," he said. "The only thing I want is to let them back to what belongs to me."
His dilemma is by his compatriots town and nearly 1 million thousands of sharing in Spain: the temptation of family relationship, between a bank and a customer influence, and they poured into his life savings to yield higher financial tools, it is suggested that the people's manage their money. When prosperity to disastrous bust, they found that they have the stock has become completely worthless.
Once the lifelong friendship has turned hostile, betray victims cry. In some towns, angry customers have shotguns rushed into the bank, yell death threats. Despair set in as many of the victims were the old man, who is depending on the money to fund their last few years.
Such as La wald Uixo in cities and towns, the bank staff and customers will often have close relations, and sometimes go out to drink coffee and other time found himself sitting together in the school play.
However, the time is over.
Jose romero spent nearly forty years of working Bancaja, a regional savings bank, what is now a Spanish bank Bankia giant. He said, the recent relationship between the customers and became very nervous, sometimes even violence around the edge.
"The customer trust the brand, but the employees or even more," said romero. "But, when you touch their money, people change. We have seen death threats, insult, who with shotguns."
Romero led a Bancaja union and his employees feel they can not go out in the street of an increased number of complaints, because they are afraid of.
The Spanish savings bank of bank gun events, and refused to comment on the report, saying all investors in bank shares authorized contains "short and non-technical language" risk, they agreed to take the purchasing contract. Federation said in a statement, the investment "preference" launch time sound, and hurt the market conditions and Spain's economic deterioration, but its value.
Preferred stock holder has the right to fixed rate of dividend, pay any before spending are assigned to common stock holders of common stock. The preferred stock holders is also ranked higher than common Stockholders in assets liquidation proceeds, if a company to enter the bankruptcy protection.
Romero, like most of his colleagues, in his bank selling preferred stock, he thinks, to create a good product. They first put forward in the 1990 s, the economic boom, a lot of people get returns. A start, when people began to subscribe to between 2007 and 2009, just like the bubble burst.
"There is time to market and the work, has the good return," he said. "But the crisis comes suddenly, it all collapsed".
The country's financial crisis has made many dark milestone, including 25% unemployment and housing foreclosure an unprecedented. Add to as high as 1 million Spanish money be frozen or has been lost, the bank's scandal suspected inappropriate sales of these complicated financial products.
The impact of the crisis is particularly serious laval DE Uixo, about one hour's drive to the north of the eastern city of valencia.
Some of the town's residents have been refused to visit, says his life savings to investment, while others only to find that their savings has become worthless, because of the collapse of the stock. As many as 1500 families in the town of 34000, are affected. They say, they are victims of Banks to sell their products, promised generous dividend, but already consign the height of the crisis in the economic loss.
, Vincent Porcar for ?70000 (us $90000), his 78 - year - old mother, Francis MoLiNa, her husband died inheritance. Molina told a local bank, but not to provide super safety is like a savings account deposit plan or certificate, to offer them in the bank's preferred stock, it looks like they have a fixed rate and no risk.
So, she signed they looked at more and more money.
But there is a trap.
"We want to buy a house, we go to ask the bank money," Porcar said. "they tell us, we can't touch it."
This is because the preferred stock, and at the same time provides a high 7% of the rate of return, they never expire, therefore, to get rid of them, there must be another buyer. Spain's economic downturn has sent value shares tumbled, this means that anyone willing to take off the hands of urban residents shares - effectively they stay in hell. Not only that, the bank and toxic loans and nearly worthless property in their book, can no longer do the commitment of the high returns.
Those affected most is like Porcar family, rather than Banks or hedge funds of small investors.
Now, the Spanish government is hitting the financial product sales, but it does not ensure that nearly 100 million dollars in cash shortage of Spanish investors will get all the money. On the other hand, the bank sold they are the same, from $10 billion (us $13 billion) the lifeline of the euro, the euro area in 17 countries benefit.
The European Union recently announced nationalization Spanish Banks need these funds from Brussels to more liquid common stock into preferred stock, 40% discount, this will mean a huge loss of thousands of customer.
 



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