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Depositors Panic Over Bank Crisis in Afghanistan

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posted on Sep, 4 2010 @ 12:30 PM
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Depositors Panic Over Bank Crisis in Afghanistan



KABUL, Afghanistan — One of the principal owners of the Afghan bank at the center of an accelerating financial crisis here said depositors had withdrawn $180 million in the past two days. He predicted a “revolution” in the country’s financial system unless the Afghan government and the United States moved quickly to help stabilize the bank.
Khalilullah Frozi, one of the two largest shareholders of Kabul Bank, said reports indicating that the institution had lost as much as $300 million were overstated. But he predicted that if Afghan depositors continued to withdraw their money at the current rate, Kabul Bank would almost certainly collapse, undermining confidence in the nascent financial system the Afghans have been trying to build with American help.

“If this goes on, we won’t survive,” Mr. Frozi said in an interview. “If people lose trust in the banks, there will be a revolution in the financial system.”


www.nytimes.com...

comment:
well it would seem there is a run on the banks in Afgh
and they don't have the money to back up their deposits.
Just typical bank fraud IMO. The same thing would happen
in America if everybody did it. We could get this
Revolution fired up.




posted on Sep, 5 2010 @ 12:37 PM
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reply to post by boondock-saint
 


At the moment im not entirely sure if a run on the afghans money supply is really in Americas interest. Obviously corruption is a given and going to be utterly rampant




The biggest mistake, he said, was the decision by his partner, Mr. Farnood, to buy $160 million worth of villas


LOL

You any idea who made the withdrawels?, Baltic drug cartels perchance?



posted on Sep, 5 2010 @ 02:32 PM
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and here's another article which states
the WH will NOT offer assistance to
the Kabul Bank. They're on their own.

www.rawstory.com...



posted on Sep, 5 2010 @ 03:47 PM
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reply to post by boondock-saint
 


That doesnt actualy matter, the U.S are supporting this bank, because the Afghan government has pledged to support it, and the Afghan government being puppets of the U.S receive plenty of funding.

Just curious to know who this bank pissed off enough for them to get screwed like this. I believe this bank was also responsible for building the giant palm tree shaped island of the coast of Dubai lol.



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