18 Responses to Latvia’s largest bank fights off depositor run after rumors of imminent collapse

  1. peleks says:

    news from Latvia, about Swedbank, a day after rumors officials said that bank is working properly, but thats the same what they said about Latvijas Krājbanka, 2 days before bankrupt..
    now allmost all Swedbank cashmaschines are out of order due to lack of cash (In the center of capital Riga ), and now people are starting to empty SEB Unibank and Nordea cashmaschines.

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  2. Becky says:

    Scary stuff. Makes me wonder if we will make it to the end of the year before the colapse.
    Everything is happening quite rapidly.

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  3. John says:

    Coming to a bank near you.

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  4. Getting interesting!
    Greetings from Estonia!

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  5. From the plight of the banks in the so-called PIIGS (Portugal, Ireland, Italy, Greece and Spain) will benefit mainly Scandinavian banks. “The people fled from the euro zone,” says Georg Andersen Nykredit in Copenhagen. “The Nordic countries stand out as a safe haven.” A lot of money from companies, insurance companies and pension funds flows especially to the Swedish banks such as SEB and Swedbank. As a safe haven for investors appreciate the money and the German Bank and Dutch bank ING.

    Who can be shoveled money equal to the ECB. So shall the German car manufacturer or Siemens, which have a banking license, cash reserves stash quietly with the central bank in Frankfurt, where it is protected from possible bank failures.
    Banks and countries stuck in a vicious circle: The more the debt crisis is worsening, the more the loose bonds of highly indebted euro-members on this, the more banks get into pitching. Particularly hard hit banks such as BNP Paribas, Société Générale and the Commerzbank, the PIIGS much money they borrowed. Poor grades from the rating agencies exacerbate the situation even more, because it is clear that, unlike 2008, the western industrial nations no longer have the power to save every bank and to guarantee the deposits of customers.

    Capital flight has already claimed its first victim: the Dexia Bank collapsed because it was short of money. The joint intervention by central banks this week – Fed, ECB and others have turned up the money supply – fuels the suspicion that there are other houses that look into the abyss. The harder it is for banks to meet their financial needs, the greater the risk that a big bank falls.
    Source : http://www.sueddeutsche.de/geld/anleger-ziehen-ihr-geld-ab-unsichtbarer-aderlass-gefaehrdet-banken-1.1225448

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  6. Evo says:

    It’s like the game “jenga” where you remove a block and put it on the top. Eventually, the tower gets too high and unstable, it finally collapses. Wonder how many moves are left?

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  7. Bobi becker says:

    Here in the US I have been reading reports to take your $$ out of the big banks and go with local credit unions. I personally do not have a bank account and get my SS on a debit card through the Government. That is also scary as when the economic collapse happens that debit card will be hard to chew on! And, I do not believe there is a recipe for cooking a debit card…

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    • Irene C says:

      Well Bobi, if I find a good one, I’ll let you know. I’m been known to throw a meal together out of almost anything. 😀

      The warnings I have received is to keep cash at home and to cut up credit/debit cards. Unfortunately, when the money becomes worthless, at least I’ll be able to use it as kindling in the fireplace. And one day, our personal gold and silver supplies (of which I have none) will be worthless either. That could (will?) lead to all electronic transactions using a chip. Personally, I hope it doesn’t crash until summertime. I would hate to be homeless during the Ohio winters.

      Maranatha

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  8. Martalien says:

    damn i don’t know when the real SHTF??? things are getting hout of control verry fast

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  9. tellthetruth1 says:

    Just can’t take anything for granted any more, can you? What happens to one bank will surely happen to all, if things get bad enough. I’ve mentioned Revelation 18 before; I really do wonder whether we’re heading for that scenario? Two people agreed with me on the other page where this subject was discussed. I have to tell you, that made my skin crawl…

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  10. Implosion says:

    Keep some cash at reserve. also buy some jerrycans with fuel for your car. so you can go away to better places. and most important, buy canned food, rice, potatoe powder, etc.
    and then for at least for one year or longer. ( I have allready for 2 years of food )

    Greetings Implosion from Holland ( europe )

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  11. Larry says:

    Hello again Alvin,this scenario of queueing at banks and cash machines in Latvia is frightening to say the least.Rumours can spread panic and with corrupt officals and bank managers one is indeed likely to become paranoid and notwithstanding British and Euro banking customers.This is my worst fear as I mentioned to you a couple of months ago and you kindly offered your valuable opinion.

    In the UK we are guaranteed up to £85.000 if there is a collapse of the banking system.In about two months I expect to inherit a few thousand from a friend who passed on as a result of pancreatic cancer six months ago.Alvin, I know you do not give financial advice to anyone but can you offer any tips of how to preserve ones savings and deposits ??? Investing in gold is all very well but in times of major crisis I gather in the US that this (gold) would be re-possessed by the US Goverment.I wonder if one should split up any funds and spread it around different banks and building societies of good repute and good standing if there is such a thing any more.Any update of your comments would be greatly appeciated and I am sure both for me and your other anxious readers.

    Christmas Greetings

    Larry

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  12. Kim says:

    Great info here, great website.

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  13. Larry says:

    Thanks Alvin for your comments.I have a little more peace of mind.I realise you do not offer advice on finance but I appreciate your forthright comments which were welcome and honest.

    Seasons Greetings to you and your readers

    Larry UK

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