Genius: IMF Pronounces Bulgaria's Banks "Safe" Just 2 Weeks...

Genius: IMF Pronounces Bulgaria's Banks "Safe" Just 2 Weeks Before Bank Run Submitted by Tyler Durden on 07/10/2014 - 13:01 Earlier this summer, IMF bureaucrats went to Sofia, Bulgaria to study the country’s economic progress; and roughly a month ago, they released an official report which stated, among other things, that Bulgarian banks are “stable and liquid.” Then 2 weeks later, there was a run on two of the nation’s largest banks (as we discussed at length here). But it's not just the IMF...the EU Commission soothingly announced that "the Bulgarian banking system is well-capitalized and has high levels of liquidity compared to its peers in other member states." The lesson here is clear: The people in charge of regulating the system and making these proclamations about bank safety are totally clueless. Clearly, Bulgaria (and Portugal) shows that the entire system can really be a bunch of smoke and mirrors. COMMENTS: 39READS: 6,025