Raiffeisen Bank - Austrian upside-down Swiss banking

9.3.2009 by CrniLabudovi.

Austrian upside-down Swiss banking

February 21st, 2009

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After publishing the warning Moody’s credit rating agency issued on Austria’s Raiffeisen bank, the owner of the Serbian media outfit Kurir became a target of personal attacks by the Deputy President of the Raiffeisen Bank Executive Board, Zoran Petrovic, who exposed private information about the owner that, to be nice, stretches the accepted decorum of a client-bank relationship.

“We tried to publish a dementi, but the newspaper didn’t want to do it and we are forced to bring charges against the newspaper and the journalist who wrote the article,” said Petrovic during the Round Table organized by Ekonomist Media Group in Belgrade, a gathering designed to declare that Serbia’s banking system is liquid and that Raiffeisen leads the way in the liquidity………………….

http://serbianna.com/blogs/bozinovich/Then the Raiffeisen Deputy unleashed the client’s dirty laundry saying that Kurir’s motive for publishing Moody’s findings is “because the owner of Kurir was part of the ownership structure of a company that had a loan in Raiffeisen Bank and hadn’t paid its obligations for several months already.”

Even in the more primitive days, banks were courteous never to nail lists, like Luther during his Reformation campaign, of clients who did not pay their bills. Did we only think that banks are suppose to show some modicum of respect for private personal information?

Raiffeisen’s upside-down Swiss banking where client’s dirty laundry on privileged information is exposed by a bank should red-flag anyone with a loan at the Raiffeisen that, hey, perhaps you are next unless you help us in a bail out.

And Raiffeisen is everywhere in Eastern Europe: Russia, Ukraine, Poland, Albania, Serbia, Bulgaria, Romania… so much so that 80% of Raiffeisen banking empire profit came from the region last year.

In fact, nearly 57% of Raiffeisen’s total assets are in Eastern Europe and the ex-Soviet countries and as this region implodes so has its stock price.

Of course, like any bank, Raiffeisen wants to stop the downward reinforcing loop but the revelations of client’s dirty financial laundry, at least to a stock trader, says loudly and clearly: short the stock and make more money on Raiffeisen’s misery.

Why else would Austrian government decide to pump in money into Raiffeisen unless the bank is seen as a systemic risk? Austrian banks have over $378 billion is assets in Eastern Europe while the value of everything that Austria makes is, according to the CIA, less then that ($322 billion).

Says The Wall Street Journal:

“The bank has asked Austria’s Finance Ministry to buy preferred shares of Raiffeisen valued at €1.75 billion in a capital-raising measure. The coupons would pay 9.3% annual interest and must be repaid within five years, Austrian Finance Ministry spokesman Harold Waiglein says… Raiffeisen says the loan shouldn’t be seen as a rescue package but as capitalization that will allow it to continue operations in Eastern Europe.”

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Kosovo prime minister seeks reconciliation with Serbia

9.3.2009 by CrniLabudovi.

Kosovo prime minister seeks reconciliation with Serbia

Submitted by Sahil Nagpal on Sun, 03/08/2009 - 14:33

Pristina  - Kosovo’s

Prime Minister Hashim Thaci on Sunday expressed a wish for conciliation with Serbia, inviting Serbian President Boris Tadic to the former Serbia province.

Thaci made the invitation after a visit to Kosovo’s Serb enclave of Caglavica, a suburb of the capital Pristina.

Communication between Pristina and Belgrade is “unavoidable” and is in the interests of

Kosovo, said Thaci.

Thaci invited Tadic to his office in Pristina, adding that in accepting such an invitation, Tadic should recognize that he should be visiting an institution of the Republic of

Kosovo.

Belgrade has consistently repeated that it would not recognize Kosovo’s independence, which the former province’s ethnic Albanian leadership proclaimed February last year.

Meanwhile, more than 50 people were reported injured in a violent demonstration by Serbs in the

Kosovo town of Gnjilane, media reports out of Belgrade said.

Around 500 people blocked the Gnjilane-Kamenica road in protest against several days of lack of electricity, according to

Kosovo police in Pristina.

Top News

Comment: After Obama made it clear, the Serbs and Albanians must find a compromise.

 

 

All previous negotiations were a fraud and fake - Show negotiations. Ischinger and Martti Ahtisaari, a clear command of the recipient of the CIA and George Soros have been!

 

And here is the Tricky Show!

 

Thaci “ready to receive” Tadi
9 March 2009 | 09:59 | Source: Beta
AGLAVICA — Kosovo Premier Hashim Thaci on Sunday stated that he is ready to receive President Boris Tadi in his office.

But, this under the condition that Tadi “visits Kosovo’s institutions”, Beta news agency reported Thaci as saying.

B92

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