Swiss Bank UBS halts Syria, Iran business

[NVMojo]

Somehow, I missed this story. Huge story in reality.

January 22, 2006

ZURICH, Switzerland (AP) -- Swiss banking giant UBS AG said Sunday it has stopped doing business with Iran because of the company's economic and risk analysis of the situation in the country.

UBS will no longer deal with individuals, companies or state institutions such as Iran's central bank, company spokesman Serge Steiner said. A similar policy is also being implemented in the case of Syria, he said.

All existing business with customers in Iran will be canceled, but Iranians in exile are not affected by the decision, Steiner said, confirming an article in Swiss weekly SonntagsZeitung.

"It is a carefully prepared measure that has been under consideration since last fall," Steiner said.

more...

http://biz.yahoo.com/ap/060122/switzerland_ubs_iran.html?.v=2

[cliss]

1. Hm, this is extremely interesting.

Just a few days ago, I thought that Switzerland was eager to "help" Iran with its large deposits looking for a new home.

It's well known that Iran decided to pull its $50 billion dollars in European banks. So now Switzerland is balking? And they say there is a risk involved. I wonder with which country? Maybe the US?

This is obviously a pressure situation going on behind the scenes. The US wants unilateral pressure being put on Iran. They want everybody to shun them and break them down.

Here's why it will never work: the Iranians have the upper hand in this situation. Time is on their side. Because they're sitting on the oil. No matter what the US does, they can call every bank in the world and threaten them, it still will not work.

This is nothing more than a waiting game, and the Iranians will win.