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This post is about the current bank crisis in Venezuela. I won’t explain, for now, all the economical insights of it, I’m just starting to understand this crisis and I lack at the moment of the proper analysis tools to explain it. In the mean time, for more detailed information, go visit this blog. I will tell instead, as always, the small personal side of the big story.
Four banks were closed by the government and two of them liquidated; just a few weeks before Christmas. The news shocked us all but it didn’t really affect us. Like all government moves’ –justify or not- they affected only a small part of the population: the ones who had accounts at those banks and the ones who worked at those banks (who were put on the streets, from one day to another without the Christmas bonus they expected by law besides other work benefits). But like I said, it did not affect us, we just felt thankful that no family member ever opened a single account on any of those poor banks.
However, today, the situation was quite different. We heard the president of the Supreme Court, saying on TV that there was no bank crisis in Venezuela. After ten years of revolutionary propaganda, we are very well trained to read between lines; so, as soon as we heard that, panic broke out. For us, is quite clear that there’s a bank crisis all over us, giving us this infamous Christmas present where we might lose our savings. My mom asked to each and every one of us if we had more than 10.000 Bolívares Fuertes (the amount the government recognizes and perhaps will pay some day to the former clients of the affected banks) on any bank account. But even if we have less, the instructions were clear: to run to the bank NOW and put it all out. And if possible, change it to Dollars and save it under the mattress.
This post is about the current bank crisis in Venezuela. I won’t explain, for now, all the economical insights of it, I’m just starting to understand this crisis and I lack at the moment of the proper analysis tools to explain it. In the mean time, for more detailed information, go visit this blog. I will tell instead, as always, the small personal side of the big story.
Four banks were closed by the government and two of them liquidated; just a few weeks before Christmas. The news shocked us all but it didn’t really affect us. Like all government moves’ –justify or not- they affected only a small part of the population: the ones who had accounts at those banks and the ones who worked at those banks (who were put on the streets, from one day to another without the Christmas bonus they expected by law besides other work benefits). But like I said, it did not affect us, we just felt thankful that no family member ever opened a single account on any of those poor banks.
However, today, the situation was quite different. We heard the president of the Supreme Court, saying on TV that there was no bank crisis in Venezuela. After ten years of revolutionary propaganda, we are very well trained to read between lines; so, as soon as we heard that, panic broke out. For us, is quite clear that there’s a bank crisis all over us, giving us this infamous Christmas present where we might lose our savings. My mom asked to each and every one of us if we had more than 10.000 Bolívares Fuertes (the amount the government recognizes and perhaps will pay some day to the former clients of the affected banks) on any bank account. But even if we have less, the instructions were clear: to run to the bank NOW and put it all out. And if possible, change it to Dollars and save it under the mattress.