"The General" betrayed by his soldiers. Millions of lekë vanished at "Xhaferri"
Frozen money will not get the capital back?
The frozen money will not recover the capital. The investments in the foundations will not be confiscated; the banks will remain in place as the institutions receiving the funds. Vefa is not a pyramid scheme; creditors will recover their capital. Millions of lekë disappeared at "Xhaferri". The frozen funds will not return the invested capital. The situation: it will last at least one year. It appears that the banks, through credit and borrowing arrangements made in recent years with the foundations, have generally tried to close the issue between banks and creditors, but this risks creating new speculation and, in the end, removing the responsibility of the owners of those companies. According to some anonymous specialists, this method does not guarantee the return of the capital invested in the foundations; it only helps their shareholders avoid responsibility for their own failures. Banks, however, must understand that time is passing and that an immediate, swift and fair intervention is needed. If this does not happen, many Albanian families who invested their life savings in the financial foundations are at risk, the specialists say. Banking and financial enterprises are trying to protect their interests, relying on individual clients and trying to secure their future, while banks are attempting to seize their quotas and defend themselves. According to other analysts, these actions are more aimed at buying time than at truly solving the problem. In fact, Albania also has state responsibility in this matter, because, as has been noted, the borrowing foundations ultimately used a financial system that was not properly controlled. These foundations benefited from a lack of accountability in the oversight of state institutions. In reality, the government was very passive toward them and took no measures to stop them when they acted illegally. On the other hand, it was said that private finance companies needed stronger monitoring and controls, but this was not done. There is also another risk: the resolution of the fund issue will have a strong impact on the banks as well, because they will be forced to pay part of their debts and bear part of the responsibility. What is known is that these funds have plunged the Albanian economy into a deep crisis, while the media and the banks are engaged in debate over how they should react. It is also added that financial stability must be preserved in order to avoid even more serious consequences.
When will the banks be threatened by clients? On 5 February? The firms are dissolving — Page 5
Luniku: The situation will last no less than a year
It appears that the main banks, through credit and borrowing instruments signed in recent years with the state foundations, have often tried to settle matters between banks and creditors, but this risks generating new speculation and ultimately removing the responsibility of the owners of those companies. According to some anonymous specialists, this approach does not guarantee the return of the capital invested in the foundations; it only helps their shareholders avoid responsibility for their defects. Banks, however, must understand that time is clearly passing and that immediate, swift and fair intervention is needed. If that does not happen, many Albanian families who invested their life savings in the financial foundations are at risk, specialists say. Banking and financial enterprises are trying to protect their interests by relying on individual clients and trying to secure a better future, while the banks are attempting to secure their shares and defend themselves. According to some other analysts, these actions are aimed more at buying time than at truly solving the problem. In fact, in this matter Albania also bears state responsibility, because, as has been pointed out, the borrowing foundations ultimately used a financial system that was not properly controlled. These foundations benefited from a lack of accountability in the supervision of state institutions. In reality, the government was very passive toward them and took no steps to stop them when they acted illegally. On the other hand, it was said that private finance companies needed stronger oversight and controls, but this was not done. There is also another risk: the settlement of the fund issue will have a strong impact on the banks as well, because they will be forced to repay part of their debts and shoulder part of the responsibility. What is known is that these funds have plunged the Albanian economy into a deep crisis, while the media and the banks are engaged in a debate about how they should react. It is also added that financial stability must be preserved to avoid even more serious consequences.
Sabri Godo on the crisis: The astonishing lightness of Albanian politics
On page 3
It is proposed to give greater importance both to the EC and to the Sh... department.
Strengthened readiness and three prime ministers
Usury hits the budget. Police: strengthened readiness and three prime ministers?
Today in Tirana the Barit accounts are closed; for 30 years they will call the city.
Page 2
The notification of the Albanians in the circle
The full list of KA subscribers, “in the districts of the newspaper REPUBLIKA,” from 1 March last year will also submit the stars for money for the old reason: at least this newspaper regulation.
Short notification in the districts with money, and every day in both cities…
