Monday, January 31, 2011

Losses at Afghan Bank Could Be $900 Million - CNBC

Losses at Afghan Bank Could Be $900 Million - CNBC

Fraud and mismanagement at Afghanistan’s largest bank have resulted in potential losses of as much as $900 million — three times previous estimates — heightening concerns that the bank could collapse and trigger a broad financial panic in Afghanistan, according to American, European and Afghan officials.

The extent of these losses make it clear that keeping the bank afloat — something the government has said it is determined to do — would require large infusions of cash from an already strained budget.

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