Friday, November 17, 2006

More banking news

You may recall an earlier post about how two of the world’s largest banks, Credit Suisse and UBS, had decided to stop doing business with the Castro regime.

Well, the Banco Central de Cuba (BCC) has just responded.

Of course, the BCC is not like your average central bank in the West, setting economic policy, raising or lowering interest rates, keeping tabs on inflation and foreign investments, etc.

It’s really another arm of the Communist regime which is why its reaction is … predictable?

As you can read in this report from Reuters, the Cubans say the “pitiful” decision by the Swiss banks was the result of pressure from the United States. Of course.

"The actions of these two banks have nothing to do with respect of the law or looking after their banking transactions,” the statement by the Cuban central bank says. “It is simply an act of submission to the US, which they don't dare confess.”

And then there is that little problem with not paying your debts, as you can read here.


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