Depositor withdrawals and the crisis of confidence in Russian banks
The commentary interprets reported bank withdrawals as a sign of declining public and business confidence and considers the possibility of a wider financial crisis.
The depositors are storming Russian banks, society is panicking! Medvedev and Nabiullina sharply criticized Putin.
The massive outflow of funds from Russia's banking system shows a complete lack of trust in the regime, both among the population and the business community. Financial experts predict an inevitable crisis already in September or October - a crisis that will bring with it the devaluation of the ruble, default, freezing of deposits and other financial catastrophes.
In this regard, we urge you, citizens of Russia, to recall the economic crisis of 1998 - the worst financial crisis in the history of the Russian Federation - when default and devaluation struck a devastating blow on ordinary people. Considering the current situation, it is best to withdraw money from bank accounts so as not to end up in absolute poverty.
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