FRANKFURT—A major Latvian bank facing U.S. sanctions for allegedly helping North Korea will be wound up under local laws after the European Central Bank declared it “failing or likely to fail.”
USA has a long history of hitting small banks in small countries with money laundering charges . E.g. Banca Privada d'Andorra .
Afterwards BPA was cleared but the damage was done and a lot of money was lost .
By hitting Latvia, USA is hitting at Russia and Europe at the same time .
On the other hand ECB bank supervision under Draghi has been a complete disaster . Banks going bankrupt , NPL s, favoritism of Italian banks , bending the rules in all possible ways .
I can understand Germans prefer cash than holding money at the bank under current circumstances.
Dillon AL 01:50:05 GMT - 02/20/2018
The CB guy arrested supposedly for something unrelated whereas talk of 100k bribe for the ECB man. Really? who in their right mind would even consider only 6 figures ? Clearly as dil is alluding there is a lot more to this story but the ECBs response surely should be to just walk away. After all why break a habit of a lifetime and set a precedent when there may be far more pressing issues much further south like in Italy where I could tell a story or two about corruption
Impact on EurUsd has been muted because of the lack of ECB response
Israel Dil 01:12:34 GMT - 02/20/2018
the most amazing point in this story in the coverage by the mainstream media (1st tier). all reported arrest of the head of central bank but none actually covered the story. honestly, I am afraid to post about the true issues running in the background.
conclusion: ultra mega powers are running the EURO bull camp. this story should dumped EURO further than the Greek fiasco. the Scandinavian ccys with their muted response told the whole story. in Europe, banksters are untouchable and are far above the law system.
PAR20:20:04 GMT - 02/19/2018
Is ECB going to rescue a bank accused of money laundering ?
In good mafia style tradition I would guess it will.
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