Thursday, August 30, 2012

Latvia is the new Switzerland

"Latvian banks are holding more foreign cash than ever before as Cyprus’s economic woes prompt wealthy depositors from the former Soviet Union to seek an alternative offshore home for their money.
As non-European inflows into Cyprus stagnate, about $1.2 billion flooded into Latvia in the first half of the year. Non- resident deposits are now $10 billion, about half the total, regulators say, exceeding 43 percent in Switzerland, according to that nation’s central bank."
--http://www.businessweek.com/news/2012-08-29/swiss-style-latvian-banking-hub-thrives-on-ex-soviet-cash-flood

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