Sunday, March 18, 2012

Swift expels 30 Iranian banks from global banking system

Global Network Expels as Many as 30 of Iran’s Banks in Move to Isolate Its Economy
By RICK GLADSTONE and STEPHEN CASTLE
Published: March 15, 2012

"A global communication network vital to the banking industry announced on Thursday that it was expelling as many as 30 Iranian financial institutions — including the Central Bank — crippling their ability to conduct international business and further isolating the country from the world economy. The network, the Society for Worldwide Interbank Financial Telecommunication, or Swift, took the action to comply with European Union sanctions on Iranian banks, which were enacted in response to Iran’s disputed nuclear energy program. It is the first time that Swift, a consortium based in Belgium and subject to European Union laws, has taken such a drastic step, which severs a crucial conduit for Iran to electronically repatriate billions of dollars’ worth of earnings from the sale of oil and other exports."

More at link. HMMM.

Jerusalem Post immediately reported a French Minister saying:

Steinitz: SWIFT sanctions could topple Iranian economy
Finance Minister Yuval Steinitz said Sunday that SWIFT's decision to halt Iran's ability to use its electronic fund transfer system to make international transfers constitutes a tremendous blow that could potentially lead to the collapse of the Iranian economy. SWIFT is the world's largest electronic payment system and on Saturday implemented its decision to cut off 30 Iranian banks blacklisted by EU supported economic sanctions. By SWIFT's own admission, the move is "extraordinary" and "unprecedented." The finance minister called SWIFT's decision "dramatic," but said he did not know if it would halt Iran's drive for nuclear weapons."

Did SWIFT act because it is a way to stall Israel's obvious ramp-up to attacking Iran? Will they say to Israel, "wait and see if the SWIFT sanctions work'?  Will this halt Iran's goal of nukes to destroy Great Satan (US) and Little Satan, (Israel) and usher in the Final Imam? (Probably not).

Time will tell.  Every day surely brings interesting and prophetically portentous news...

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