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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: lorne who wrote (54895)	6/22/2000 11:13:00 AM
From: long-gone	Respond to of 116762

GOOD, legal gold always costs more, Russia needs the real solid income & taxes, and tracking is nice at this point but 97.5 K is near nothing.

To: lorne who wrote (54895)	6/22/2000 3:47:00 PM
From: Alex	Read Replies (1) \| Respond to of 116762

Czech bank failure sparks crisis By Robert Anderson in Prague Published: June 22 2000 18:37GMT \| Last Updated: June 22 2000 18:38GMT The Czech Republic's biggest banking collapse on Thursday developed into a full blown political crisis when the main opposition party fiercely attacked the minority government's handling of the affair. The Civic Democratic party (ODS), which has kept the Social Democrats in power since July 1998, on Thursday issued a statement accusing the government of participating in the "daylight robbery" of Investicni a Postovni Banka (IPB). IPB, the country's third biggest bank, was taken over by the central bank on Friday after suffering a run on deposits, and was then sold on Monday to Ceskoslovenska Obchodni Banka, the fourth biggest bank, creating one of the largest banks in central Europe. The ODS leadership said the government's unbelievable, cold blooded and risky action would cost every Czech family Kcs25,000 ($670). It demanded a parliamentary probe and a transparent tender for a future owner. The row coincides with a crucial debate in the upper house today on a new election system, which was part of the original co-operation agreement between the ODS and the Social Democrats. Some ODS leaders have threatened to bring the government down if Social Democrat senators make good their threat to vote against the reforms, which are designed to make it easier for larger parties to win majorities. The government and central bank argue that quick action was needed to prevent further damage to IPB and the whole banking system. Jan Mladek, deputy finance minister, said yesterday that initial conservative estimates put the bank's net loss at $2bn, most of which would have to be borne by the state. He said the bank's shareholders - the largest of whom was Nomura Securities of Japan - had failed to strengthen the bank's capital when requested and would lose their entire investment. news.ft.com