Latvia’s Largest Bank Fights Off Depositor Run After Rumours of Imminent Collapse!
- For more than 3 years I have warned about a global economic, financial and monetary collapse leading to World War 3. Today, I don’t think you need any stretch of imagination to see it is coming true. The question in my mind is no longer about global collapse leading to WW3. It is about the coming endtimes strong delusion and how long this WW3 will last.
- What is happening in Latvia will be repeated across the globe!
Latvia’s largest bank fights off depositor run after rumours of imminent collapse!
By The Associated Press | The Canadian Press
RIGA, Latvia – Latvia’s largest bank scrambled Monday to head off a run among depositors who were gripped by rumours of the bank’s imminent ruin. Weekend rumours that Swedbank was facing legal and liquidity problems in Estonia and Sweden sent thousands of Latvians to bank machines on Sunday, with some lines reaching as many as 50 people.
Latvians are particularly sensitive to speculation about banks’ health. Latvijas Krajbanka, the country’s 10th largest bank, was nationalized last month after regulators discovered evidence of massive fraud allegedly carried out by the bank’s former owner, Russian businessman Vladimir Antonov. Depositors were deprived of access to their funds for days.
And three years ago the country’s second largest bank, Parex Bank, entered technical default and had to be taken over by the government, which in turn forced Latvia to appeal to international creditors and the European Union for a €7.5 billion ($10.5 billion) bailout.
Prime Minister Valdis Dombrovskis told journalists that the rumours were spread maliciously with the intent to harm Latvia’s banking system, the Baltic News Service reported. Interior Minister Rihards Kozlovskis said that police have opened a criminal investigation.
The rumours were contained to Latvia and did not spread to neighbouring Estonia and Lithuania, which also have affiliates of the Swedish-controlled Swedbank.
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