12 December 2011

LATVIA / SWEDEN : Thousands Withdraw Savings From Swedbank After Rumors.


      More proof that the entire eurozone is extremely skittish.
      With the trappings of an old-fashioned depression-era bank run...rumors of financial and legal problems rife on social networks...had more than 10,000 Latvians withdrawing their funds from Swedish-owned Swedbank...an estimated 10mn Lats/$19mn...so far.
     Swedbank chief executive Maris Macinskis called the rumors "absurd".
     Swedbank has deposits of 1.6bn Lats/$3.1bn in Latvia...about 40% of its assets.
     Spreading false rumors is a criminal offense in Latvia...punishable with two years in jail.