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Bailout in the Works for Afghan Bank as Panic Continues
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| Parent(s) |
Issue
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| Contributor | Jason |
| Last Edited | Jason Sep 04, 2010 05:43pm |
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| Category | News |
| Media | Newspaper - New York Times |
| News Date | Saturday, September 4, 2010 11:00:00 PM UTC0:0 |
| Description | KABUL, Afghanistan — In a bid to fend off the threat of a nationwide financial crisis, the Afghan government scrambled to come up with the funds to bail out Afghanistan’s largest bank on Saturday after lines of frantic depositors mobbed the bank for a third day.
Details of the deal were still being worked out on Saturday by the Central Bank of Afghanistan with technical assistance from the United States Treasury Department, Afghan and American officials said. But American officials said no United States funds were involved in the bailout.
The planned injection of cash into the beleaguered Kabul Bank is meant to slow the run on the bank by its customers, who have withdrawn more than $200 million in the past few days amid fears of a wider economic collapse.
But on Saturday, thousands of nervous Afghan depositors, unaware of the bailout and unconvinced of the bank’s solvency, stormed the bank’s central branch in Kabul to withdraw their savings. |
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