Latvia: Swedbank Rumors Unfounded!

Swedbank is stating that all of the information about a possible collapse are simply rumors. No need to waste your time queuing up!

Yesterday on the streets of Riga, people queued at ATMs in an atemept to remove their savings from Swedbank after rumors spread that the bank was on the verge of collapse. Seeing as there appears to be no grounds for this, a criminial process will go underway in order to find out the source of the rumors and to see if anyone is prosecutable.

Many ATMs I passed today had signs saying they had no more cash inside them and I have to say things in the banks looked pretty normal to be honest. Hype and a desire to queue up seems to be a big drive for the Latvian population. In a country of just over 2 million people and with little faith in the banking sector it is no suprise that an event such as a ‘Run on the bank’ took place. People see 10 people queuing and it is enough to set off a signal in their brains that tell them ‘you must queue too’.

I wonder how many people in those queues were actually Swedbank customers!

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