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Iran's financial collapse cause- Shutting down of Ayandeh Bank with $5 billion in bad loans and printing of money to cover bad loans by Iran's central bank. A lending mechanism was started by the central bank to give loans to well connected private banks that serve a small sliver of the population without collateral. This money was wasted and loans turned into bad loans which the central bank covered by printing more money. The result inflation of over 40%.
The protests reflect financial distress, and deep discontent among ordinary people.as the money has gone to a well connected elite.
Iran's financial collapse cause- Shutting down of Ayandeh Bank with $5 billion in bad loans and printing of money to cover bad loans by Iran's central bank. A lending mechanism was started by the central bank to give loans to well connected private banks that serve a small sliver of the population without collateral. This money was wasted and loans turned into bad loans which the central bank covered by printing more money. The result inflation of over 40%.
The protests reflect financial distress, and deep discontent among ordinary people.as the money has gone to a well connected elite.
LyrArc Article Gist
Miguel Angel Fernandez Ordonez, resigns as Governor of the Bank of Spain. He was appointed by former President Zapatero and has come under strong criticism for not identifying problems and taking earlier action about problems with the cajas savings banks which were combined to form Bankia. Bankia's bad debt problems come from Bancaja and Banco de Valencia. Both are based in Valencia, with bad loans to the construction sector in the housing bubble that collapsed in 2009. The 13.9 million euro pension for Mr Izquierdo, one of Bancaja's executives has also come under strong criticism.
Miguel Angel Fernandez Ordonez, resigns as Governor of the Bank of Spain. He was appointed by former President Zapatero and has come under strong criticism for not identifying problems and taking earlier action about problems with the cajas savings banks which were combined to form Bankia. Bankia's bad debt problems come from Bancaja and Banco de Valencia. Both are based in Valencia, with bad loans to the construction sector in the housing bubble that collapsed in 2009. The 13.9 million euro pension for Mr Izquierdo, one of Bancaja's executives has also come under strong criticism.
LyrArc Article Gist
The ECB and the Bank of England cut interest rates to near zero.
The ECB and the Bank of England cut interest rates to near zero.
LyrArc Article Gist
$6 billion transferred from South Korea to Qatar in a deal to free prisoners is now being used for humanitarian help to people of Iran overseen for purchases made by Iran's central bank by the US and Qatar. This is part of a necessary deescalation in the conflict over nuclear seen as needed at this time by all G-8 leaders including India, and also China which is also monitoring Iran following the spirit of ending the war outlined in the Memorandum.
$6 billion transferred from South Korea to Qatar in a deal to free prisoners is now being used for humanitarian help to people of Iran overseen for purchases made by Iran's central bank by the US and Qatar. This is part of a necessary deescalation in the conflict over nuclear seen as needed at this time by all G-8 leaders including India, and also China which is also monitoring Iran following the spirit of ending the war outlined in the Memorandum.
LyrArc Article Gist
Wei points out the limited impact of the cut in rates in China in Nov. 2014, because banks are not likely to lower loan rates to protect profits.
Wei points out the limited impact of the cut in rates in China in Nov. 2014, because banks are not likely to lower loan rates to protect profits.
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