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Swiss bank accounts are very attractive due to their specific features. An average business man can now easily open a Swiss bank account. There are many new offers introduced for this purpose. It is considered very important to know about the specific aspects of these accounts. These accounts generally provide the secrecy and protection to the savings of people. Swiss bank accounts are operated with a number rather than account holder’s name. Some hard terms and conditions are led for opening these accounts.
Every new account needs an in-person appearance in Switzerland. There is a huge amount of money at least $100,000 required for an initial deposit. It also needs some more $300 per year for account maintenance. So, these secret accounts considered somewhat costly for an average person.
Cheaper ways to open a Swiss Bank account
There are some easier and cheaper ways also available to open Swiss Bank accounts. These secret accounts are working under the Swiss law from 1934. No Swiss bank official has right to disclose any information about an account. However, U.S. law enforcement agencies now may interfere for criminal investigations according to newly introduced rules for Swiss Bank accounts.
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If we look into history of different countries we will find that different countries faced the financial crises at different times. As the world is facing now financial crisis now also, the question comes in mind that who are those who run this finance horse, what are the reasons which leads to financial crises? Or is there is someone who is holding all the strings and keep them pulling? So many questions come in mind when mind starts thinking about it.
Well I had searched about this and compiled these ten nasty crises. Check out these ten dramatic crises.
1 – Argentine economic crisis (1999 – 2002)
Argentinean economy was destabilized in 1980s when Latin American Crisis struck it. Argentine was an import dependent country where people usually convert their peso into dollars to feel secure. The high inflation rate leads its currency to lose the confidence and adding oil to fire the government that time spent generously on itself while ignoring the country’s crumbling industrial infrastructure.
Mexico and Brazil were the major trade partners of the Argentine in 1980s both countries suffered the economic crises which spread out in Latin America. Brazil’s currency was devalued in 1999 that damaged a lot Argentinean exports and adding fuel to fire the dollar was revalued giving a harsh blow to Argentinean Peso.
Till 1999 the country was having 3rd consistent year of economic decline but the government haven’t devalued the peso, which made the crisis worse. In such conditions the investors ran on banks for dollars to send abroad for safety. Meanwhile the government freezes everyone’s bank accounts. This step of the government raised violence amongst citizens and protests through out country were started. The government was collapsed in 2001. While in crisis the people were bartering for goods because lack of cash, many people eked out a living by scavenging cardboard for recycling plants.
The new government 1st tried to setup a third currency between dollar and peso but that failed. Then it instructed the banks to convert all dollars into pesos. That step worked and peso was lead to diminish in value. Because of that exports got higher and in meanwhile the government tightened its tax policies, improves social welfare, encourages business growth and put the reserve dollars up for sale in market. The country got the surplus trade because of its agricultural products anyhow its still struggling with inflation.
Lesson
Freezing bank accounts leads the crises to get worst. It can’t be a smart step to tackle the crisis.
2 – Russian Financial Crisis (1998)
The Russian government in 1993 introduced inflation-free short-term treasury bills known as GKOs to finance the country’s deficit. GKOs were traded on currency exchanges. Most of it was state owning while only 1/3 of funding came from foreign speculators who were attracted by high interest rates. Like a classic Ponzi scheme the government used proceeds from sales of new GKOs to payoff interest on matured bills.
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