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Karzai’s brother calls for U.S. to shore up Kabul Bank as withdrawals accelerate

Posted By admin On September 2, 2010 @ 9:03 am In World News | Comments Disabled

Andrew Higgins and Ernesto Londoño
Washington Post [1]
Thursday, September 2, 2010

DUBAI – As depositors thronged branches of Afghanistan’s biggest bank, Mahmoud Karzai, the brother of the Afghan president and a major shareholder in beleaguered Kabul Bank called on Thursday for intervention by the United States to head off a financial meltdown.

“America should do something,” said Karzai in a telephone interview, suggesting that the U.S. Treasury Department guarantee the funds of Kabul Bank’s clients, who number about a million and have more than a billion dollars on deposits with the bank.

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Karzais brother calls for U.S. to shore up Kabul Bank as withdrawals accelerate 150410banner1 [2]

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Kabul Bank handles salary payments for soldiers, police and teachers. It has scores of branches across Afghanistan and holds the accounts of key Afghan government agencies. The collapse of the bank would likely spread panic throughout the country’s fledgling financial sector and wipe out nine years of effort by the United States to establish a sound Afghan banking system, seen as essential to the establishment of a functioning economy.

Action by the United States, said Mahmoud Karzai, would prevent a run on Kabul Bank and protect other banks, too. He said Kabul Bank is “stable and has money” but cannot withstand a stampede by panicked depositors.

Full story here. [1]


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URLs in this post:

[1] Washington Post: http://www.washingtonpost.com/wp-dyn/content/article/2010/09/02/AR2010090202266_pf.html

[2] Image: http://infowars-shop.stores.yahoo.net/inemnewwoord.html

[3] Having A Supply Of Healthy Foods That Last Just Makes Sense (AD): http://www.efoodsdirect.com//index.html?aid=14&adid=43

[4] While Criminal US Bankers Receive Golden Parachutes, Barbarian Afghanistan Has Just Arrested Executives Of Failed Kabul Bank: http://www.prisonplanet.com/while-criminal-us-bankers-receive-golden-parachutes-barbarian-afghanistan-has-just-arrested-executives-of-failed-kabul-bank.html

[5] Korean Bank Run Spreading: Eighth Bank Closes Following “Massive Withdrawals”: http://www.prisonplanet.com/korean-bank-run-spreading-eighth-bank-closes-following-massive-withdrawals.html

[6] Withdrawals hit Bank of East Asia: http://www.prisonplanet.com/withdrawals-hit-bank-of-east-asia.html

[7] Afghan police beat back mob of government workers at Kabul Bank branch: http://www.prisonplanet.com/afghan-police-beat-back-mob-of-government-workers-at-kabul-bank-branch.html

[8] Afghan Taliban assault in Kabul secure zone: http://www.prisonplanet.com/afghan-taliban-assault-in-kabul-secure-zone.html

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