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Guatemala Stop Bank Crisis
Guatemala Vice President Eduardo
Stein is due to go to Congress
on Tuesday to analyze, among
other issues, the country's bank
situation and how to avoid a
financial crisis.
Stein is expected to meet with
Legislative Organization
president Ruben Dario Morales,
to discuss possible solutions
for thousands of clients from
Coffee and Trade banks, closed
in the last quarter.
Many of them run the risk of
losing deposits, which were sent
to companies in allegedly
fraudulent operations.
Morales affirmed that the
country is doing everything
possible to avoid a crisis and
is considering deep reform of
current laws to improve
supervision and control on
financial transactions.
Protests by cheated customers
have risen in the last few days,
with financial authorities
refusal of intervening in the
affair to recover their money.
Meanwhile, uncertainty increases
over the strength of the
national bank system and
effectivity of those companies
in charge of regulating its
functioning.
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