The U.S. regulators have closed four banks with total assets of 3.38 billion dollars. One of the failed bank is First Community Bank in Taos, New Mexico, it will be acquired by US Bancorp – the fifth largest commercial bank in the U.S. in size of deposits. Is spite of the debt reduction of the creditors the bank realized terrible financial report and bankrupted. The U.S. Bancorp now has 38 branches and over 1.8 billion dollars in deposits. The other bankrupted banks in Colorado, Oklahoma and Wisconsin, says the message of the FDIC for deposit insurance (FDIC). The closure of banks will cost the fund for insuring deposits FDIC total 545.5 million dollars. The main reason for the bankruptcy is the credit card debt. In spite of the credit card debt relief, which the bankrupted banks made to their clients, the payment was impossible for the citizens. Since the beginning of the year in the U.S. are 11 banks failed, but by early 2008 their number reached 333. Continued failures due to bad loans in the portfolio of banks to the sector of commercial real estate. From the government offered debt settlement lawyers for the credit owners, who will renegotiate their terms.
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Which balloon will burst after Dubai? How the threat of credit echoed Arab Emirates? Is it an isolated phenomenon or a debt crisis heralded a new wave of bankruptcies? These are questions that are trying to find solutions to two analysts from New York Times. So far, investors do not succumb to panic, but the big banks have granted loans to fund state the investment – Dubai World and its subsidiary development company Nakheel anxiously assessing their potential vulnerability to a possible chain reaction of bankruptcies if Emirates not fulfill their promises to help. Does not happen, which was declared by the common central bank of the United Arab Emirates (UAE) to give money to the fund and the construction company, not to fall into a liquidity crisis, with huge debts may prove to be not only individual corporations and banks, but governments and objectives. All creditors from the Baltic to the Mediterranean looking for money, although theirs is the blame for the unprecedented credit boom. Already are piling up deficits in the budgets of not a few countries that drew money for anti-crisis programs. Government debt is growing even in a country like Germany, which has long been a bastion of strict fiscal policy. The external debt of Bulgaria, Hungary and the Baltic countries grew as part of GDP, say the authors of the New York Times. However, they believe that it can be expected similar to the Dubai situation in other countries of the world. But that does not mean that nations will go to save individual companies from bankruptcy.
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