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Colombia declares emergency over investments

November 20th, 2008

Government issues four emergency decrees in response to nationwide unrest The Colombian government declared a state of emergency in response to widespread unrest after the collapse of pyramid money schemes last week. Thousands of Colombians, many of them poor and without bank accounts, had invested with unlicensed companies that offered monthly returns as high as 150 percent. Four emergency decrees were issued on Monday. Setting out new procedures, to intervene in financial firms operating without authority and the ability to seize their funds. The decrees also aim to ease the return of funds to depositors. http://therealnews.com

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