It's interesting that this should be happening on the same day that gold is experiencing its largest plunge in 3 months. You'd think that loss of confidence in banking and fiat would drive gold UP.
Well, nothing seems to make much sense these days.
Latvia's largest bank fights off depositor run after rumours of imminent collapse
By The Associated Press | The Canadian Press
December 12, 2011
RIGA, Latvia - Latvia's largest bank scrambled Monday to head off a run among depositors who were gripped by rumours of the bank's imminent ruin.
Weekend rumours that Swedbank was facing legal and liquidity problems in Estonia and Sweden sent thousands of Latvians to bank machines on Sunday, with some lines reaching as many as 50 people.
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Prime Minister Vladis Dombrovskis told journalists that the rumours were spread maliciously with the intent to harm Latvia's banking system, the Baltic News Service reported. Interior Minister Rihards Kozlovskis said that police have opened a criminal investigation.
The rumours were contained to Latvia and did not spread to neighbouring Estonia and Lithuania, which also have affiliates of the Swedish-controlled Swedbank.
Maris Mancinskis, Swedbank's Latvian chief, slammed the rumours as "absurd" and said in a statement that the bank was functioning normally and that all deposit holders would have full access to their money via bank machines and branch offices.
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The Latvian branch of Swedbank had assets of 3.8 billion lats ($7.4 billion) as of Sept. 30, or nearly one-fifth of the country's banking assets.
Full story: http://ca.news.yahoo.com/latvias-largest-bank-fights-off-depositor-run-rumours-103638265.html
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