Reuters reports on a recent event in Moscow, where depositors are demanding to be able to withdraw money from their deposit accounts.
“Depositors with a small Russian bank took to the streets in central Moscow on Friday to demand the return of their funds, the first publicised bank protest the Russian capital has seen during the credit crisis.” nevertheless it should be noted that this “protest” was on a very small scale: “On Friday, around 15 protesters lined up across the street from the bank office near the city’s main rail hub on the eastern edge of the city centre, some holding posters that stated: “2008=1998″.” The demonstrators had actually solicited for 70 of them to be able to demonstrate, but only got permission for just over a dozen.
Russia’s controlling domestic policies surely pay off in this situation: Mass hysteria is contained – at least for now. The situation for these account holders has become somewhat desperate as the report shows: “The bank has effectively suspended withdrawals but have not put this down in writing. Depositors are being told to write a statement (demanding their withdrawal), but it goes nowhere,” Dmitry Trofimov, a member of the depositors’ group, said.
If Moscow banks are hit by such a situation, how long until banks in other places around the globe start feeling the same situation?
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