Results 1 to 10 of 10
  1. #1
    R.I.P
    Mr Lick's Avatar
    Join Date
    Nov 2009
    Last Online
    25-09-2014 @ 02:50 PM
    Location
    Mountain view
    Posts
    40,028

    European Commission steps in to help Bulgarian banks




    There have been runs on two of Bulgaria's biggest banks in the past week


    Related Stories

    The European Commission has approved a request from Bulgaria to provide funding for some of the country's biggest banks.

    The Commission extended a credit line of 3.3bn levs ($2.3bn; 1.4bn) to help banks that Bulgarian authorities believe have been victims of a plot to undermine the banking system.

    Five people were arrested over the weekend in connection with the plot.

    In the past week, there have been runs on two of Bulgaria's big banks.

    "The Commission concluded that the state aid implied by the provision of the credit line is proportionate and commensurate with the need to ensure sufficient liquidity in the banking system in particular circumstances," the Commission said in a statement.

    It stressed, however, that Bulgaria's banking system was fundamentally sound.
    "[It is] well capitalised and has high levels of liquidity compared to its peers in other member states," the Commission said.

    "For precautionary reasons, Bulgaria has taken this measure to further increase the liquidity and safeguard its financial system."

    Last week, the country's central bank took over Corporate Commercial Bank, Bulgaria's fourth-largest lender, following a run on deposits. Following speculation that other banks would follow, depositors rushed to withdraw savings from First Investment Bank, the country's third-largest bank, on Friday.

    This prompted the central bank to urge all state institutions to work together to protect financial stability and take legal action against those spreading "untrue and ill-intentioned rumours" about the health of Bulgaria's banks

    BBC News - European Commission steps in to help Bulgarian banks

  2. #2
    Member
    Bettyboo's Avatar
    Join Date
    Nov 2009
    Last Online
    Today @ 12:34 AM
    Location
    Bangkok
    Posts
    30,110
    We need to get out of the EU a.s.a.p.

    The bankers and their politician buddies must be laughing their heads off at the gravy trains they've been riding since they manufactured federalization and market deregulation...

  3. #3
    I am in Jail
    Butterfly's Avatar
    Join Date
    Mar 2006
    Last Online
    01-02-2019 @ 03:12 PM
    Posts
    39,832
    another rescue by the ECB coming,

    let's make the UK pay double before they leave the EU, as some kind of exit fee

  4. #4
    I am in Jail
    leemo's Avatar
    Join Date
    Feb 2006
    Last Online
    07-10-2015 @ 02:27 PM
    Location
    pty
    Posts
    2,608
    yup, get those printing presses serviced

  5. #5
    Thailand Expat

    Join Date
    Apr 2011
    Last Online
    @
    Posts
    2,226
    Easy to be generous with other people's money, the EU is a bloodsucking parasite that the UK needs to shake off.

  6. #6
    Tax Consultant
    Thormaturge's Avatar
    Join Date
    Jul 2007
    Last Online
    @
    Location
    Bangkok
    Posts
    9,892


    I realise Bulgaria is a poor country but I would have imagined a run on one of its biggest banks to involve more than two dozen people.

  7. #7
    Thailand Expat
    pseudolus's Avatar
    Join Date
    Jan 2012
    Last Online
    17-09-2019 @ 03:21 AM
    Location
    On the range
    Posts
    17,612
    I heard this report on the radio yesterday. One point that was made was the rising of external debt V internal debt - staggering really (I found a graph to illustrate)



    It was in 1998 that the IMF got its claws into Bulgaria by the way with all their "well, if you want this cash, here's what you have to do..." demands.
    Originally Posted by bsnub "No wonder I drive a tesla"

  8. #8
    Thailand Expat
    Exit Strategy's Avatar
    Join Date
    Apr 2014
    Last Online
    22-11-2015 @ 04:35 PM
    Posts
    1,630
    Good posts

    Quote Originally Posted by Bettyboo
    We need to get out of the EU a.s.a.p.
    Quote Originally Posted by xanax
    Easy to be generous with other people's money, the EU is a bloodsucking parasite that the UK needs to shake off.
    And it is way more serious than this, not just money, oh and who's money European Commission is spending rescuing this and that?

  9. #9
    Thailand Expat
    Exit Strategy's Avatar
    Join Date
    Apr 2014
    Last Online
    22-11-2015 @ 04:35 PM
    Posts
    1,630
    Quote Originally Posted by Butterfly
    let's make the UK pay double before they leave the EU, as some kind of exit fee
    How do you enforce that?

  10. #10
    Thailand Expat
    Exit Strategy's Avatar
    Join Date
    Apr 2014
    Last Online
    22-11-2015 @ 04:35 PM
    Posts
    1,630
    Fk Euros
    BBC News - Queen names new Royal Navy aircraft carrier in Rosyth



    Beautiful and powerful killer ship

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •