Tuesday, January 27, 2009

Financial Crisis Catalyst For Power Shifts - will international banking move to South Africa?

It's started in Iceland, it's gaining momentum in the US and Europe.
Interestingly South Africa's banking system is one of the few that have emerged from this crisis - which may lead to Johannesburg becoming an even more important world hub in banking.
REYKJAVIK — Iceland’s coalition government collapsed yesterday under the pressures of a financial meltdown, and Prime Minister Geir Haarde said he would hand in his resignation.

“Obviously, the left wing is likely to get a very good showing in the election. The likely verdict of the Icelandic people is that they will want the current government well out of the way,” Christensen said.

Polls show both coalition parties trailing the opposition Left-Green Party, indicating that a shift in power is likely. The government collapse did not cause any new trade in Icelandic credit default swaps or the krona.

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