I have received a number of emails from readers over the last few days asking if I have heard anything about banks possibly closing in Panama. Other than the number of emails asking me the question, I had not heard anything until today when the Panama Star came out with this article about the banks receiving significant withdrawals from account holders. I would bet these have more to do with the rumors than fact at this stage, but loss of confidence is all it take to really cause bank problems.
Excerpts:
More people are taking out their money from banks as they begin to lose confidence in Panamanian financial institutions
Panama Star
PANAMA. The Panamanian banking system appears to be solid, but rumors
about the financial global crisis and fraud scandals like the one that
provoked the temporary closure of Stanford Bank are taking their toll.
Certain financial institutions such as the Banco General, have
been affected by the negativity in the air and account holders have
pulled out more money than usual over the last few days.
The
Panama Bank Superintendent, Olegario Barrelier, giving declarations
from the United States, after receiving e-mail and phone calls from all
over the world, said emphatically that no Panamanian bank is at risk of
becoming insolvent or is under suspicion.
Barrelier said that
it was a worrying situation, because the Bank Superintendent has issued
a number of press releases to calm down the account holders, but the
releases have had no effect whatsoever.
Read the whole story here...
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