Increasing concern in Gibraltar about the financial crisis

by PANORAMA reporter
An increasing number of people in Gibraltar are expressing concern about bank deposits in the wake of the unending world financial crisis.

People are in fact worried about losing their money or having it slashed, and are resorting to withdrawing deposits and opening accounts elsewhere.

This could lead to a financial crisis of Gibraltar's own making, and you cannot blame the public given the lack of information and guidance that reigns supreme.

All that people hear is what is being said elsewhere.

They watch satellite television channels and hear that the crisis is not going away. They read UK papers and there in front of them are sad stories and how people are being affected.

While elsewhere meetings are taking place and information is forthcoming, in Gibraltar nothing is being said.

The public, understandably, in increasingly more and more concerned - and prepared to take action on what they hear about in other places.

They ask: Why are deposits in Gibraltar guaranteed up to ?18,000, when it is 40,000 euros in the EU, and in the UK they have been increased to ?50,000?

There is a case for a major public relations exercise to explain the situation and how Gibraltar is affected.

The sooner explanations are given the better for the state of the financial situation in Gibraltar itself.