Essel on Russia vs. Zimbabwe

Russia Still Second, Zimbabwe Still Leads…

by David Essel

Russia is still a runner-up to Zimbabwe in the economic mismanagement stakes but the two countries are competing in the same league of Commie Mentality States.

London’s Daily Telegraph reports that

“Zimbabwe Shops Stop Accepting Local Currency”

“A sign outside a supermarket in Harare’s wealthy northern suburbs informed the public on Sunday that, like many other shops, it would not accept cheques or debit cards, because they take too long to clear while the Zimbabwe dollar plunges hourly.”

But Russia can’t be faulted for not trying as a story in proves. It carries a story that “Aeroflot has stopped accepting credit card payments for tickets”

Grani reports that:

“Aeroflot has placed restrictions on payment for tickets by credit card. Aeroflot’s press office informed that the company will take credit card payments only if the cards are issued by VTB, Sberbank, and Uralsib.

The company refused to explain why it had taken this step. Two other large Russian airlines – S7 and Transaero – were asked about their policies and stated they they were not imposing such restrictions.

Aeroflot has alrady recommended to its ticket sales agents that they make money transfers only through VTB, Gazprombank, or Sberbank because many Russian banks are experiencing difficulties as a result of the crisis.

It was announced last week that, because of the crisis, the banks will be raising interest rates on current mortgages. SKB-Bank in Ekaterinburg toook an unprecendeted step with regards to its borrowers last week and Kamabank is about to follow: both banks say that if borrowers refuse to accept higher rates, they reserve the right to demand early repayment of their credits or they will repossess the mortgaged properties.

Perm’s Kamabank, which stopped giving new mortgages tow weeks ago, confirmed that it intends to raise interest rates on already extended loand and said that it would be advising customers of this in writing.

And so it goes. Keep watching the League of Commie Mentality states.

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