*Breaking: Panama Announces 5 Day Bank Holiday! Bail-in Imminent?

PanamaThis morning the National Bank of Panama announced that it was suspending all services until Tuesday the 1st of October. The National Bank of Panama claims that the reason for the 5 day bank holiday is to upgrade systems.
The Clave (Debit Card) system has been taken offline. No wire transfers between banks and internationally until the 1st of October.
This system wide shutdown has country wide implications. The National Bank of Panama did not warn the people before making the announcement and shutting down the banks. The people do not have access to ATM’s either. We received word of this from family members first. This weekend is payday for people across Panama.
Is the next Cyprus-style bankster bail-in about to be implemented in Panama?

Click here for more on the Panama bank holiday:

Tagged with: , , , ,
19 comments on “*Breaking: Panama Announces 5 Day Bank Holiday! Bail-in Imminent?
  1. Steve says:

    Not too sure if this story is in fact true. There have been others like it in may of this year…

  2. mirrormirror says:

    @Steve .. I agree

    Panama was completely off the radar, and now supposedly bank run ?
    I guess “the Doc” is getting too excited again.
    ;-)

    BTW .. calling someone “the Doc” makes very suspicious .
    It’s a Germanic trait ( worshiping the “God’s in white” ) that I dislike.
    … prevalent more in Austria and Switzerland than in Germany.

  3. newone says:

    Steve, it is real, check this out:
    https://www.banconal.com.pa/index.php

  4. mirrormirror says:

    @newone .. sure , the website says such , but the question is what is behind it !

    Is it just a 2 day maintenance job ?
    More than likely.

  5. yawp says:

    Never trust the private sector with your money (or the public sector)

  6. PanamaMan says:

    Everything is fine, this is just a small bank in Panama that mainly deals with tax collection. All the main commercial banks are running normally. You would think Max Keiser and RT would attempt some level of research. This is a blow to Mr. Keiser’s credibility I would say.

  7. Joanne H says:

    I was at the bank yesterday and did a wire transfer. Mind you it was in Country. I heard it was only one Bank.

  8. kenguru says:

    @Steve
    Of course it is too damn difficult to go to the bank’s website and check if it is true, isn’t it?
    https://www.banconal.com.pa/
    Here is the translation:
    The National Bank of Panama reports that next Friday September 27 branches across the country will be open only until 12:00 noon. Also, on Saturday 28 and Monday September 30 our branches will be closed.
    Our ATM’s, debit card use Banconal of sales points and shops, in addition to banking services and infovoz Online will be unavailable on Saturday 28 and Sunday 29 September.
    These suspensions of services are required to implement Phase 2 of the upgrade process of the technological platform of the entity.

  9. PanamaMan says:

    I can see the headlines next week… Randy Hilarski writes a trolling headline on his personal blog then sends to a lowly gold bug website. Then, Max Keiser dutifully tweets without any research. They cause a bank run in Panama that brings down the entire US financial to collapse. Gold goes over $5,000 and Max Keiser disappears being happy knowing his plan was successful. Max later develops a new product called Ethical Bitcoin and promotes that.

  10. kenguru says:

    @PanamaMan
    I am not sure about Max’s credibility, but yours is certainly under question. https://www.banconal.com.pa/
    I didn’t know the National Bank of Panama (which is a pseudo-central bank) is some small bank.

  11. PanamaMan says:

    @kenguru

    Your link shows one small bank in Panama doing a software upgrade. *** Not a Bank Holiday in Panama ***. I am in Panama today and have done a tour of the banking district. Every other commercial bank in Panama is open. You or Max are not in Panama.

    Show me the *** Bank Holiday in Panama ***.

  12. JoanneH says:

    I believe that Banco National was the only Bank standing after the illegal Invasion by the US in 1989.

  13. PanamaMan says:

    Here is the link to the Superintendent of Banks in Panama.
    *** It does not show a Bank Holiday in Panama. ***

    http://www.superbancos.gob.pa/

  14. Bruce says:

    Oh mah gods.
    Da blue & red text means I must buy some phyzzzz. It’s urgent.

  15. ronron says:

    i heard it was announced in advance and all is well. let,s see. ;-)

  16. Jayme says:

    I was going to post this yesterday but when I looked at it, it seemed as if ‘bank holiday’ is … well … a holiday for the bank, not a bail-in or currency revaluation. I don’t think this means much but we’ll see.

  17. ronron says:

    @Jayme. good move. :-)

  18. jorge says:

    http://radiopoderosa99.com/news/?p=12373

    Here, an article from sep 16 announcing the damn thing. Is an exageration from some expat gringo PM pusher. Fearmonguering.
    The day will come, but not this weekend.

  19. Steve says:

    @ kenguru – Surely one bank closing it’s doors for a couple of days doesn’t merit Panama calling a five day bank holiday. The headline and story suggests that the whole banking system in Panama was closed for business freezing everybody’s savings. This sort of story was floated about before, some time back and it turned up to be nothing more than routine maintenance. We will all know when the end game is winding up because everything will happen at the same time, everywhere in the world, except perhaps amongst others Brazil and the Middle East where banking laws are very different.