2nd largest bank in Brazil experiences Y2K problem

greenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread

Last week, on 12/15/1999, I initiated the thread:

Brazilian bank(s) experiencing Y2K related problems?
http://www.greenspun.com/bboard/q-and-a-fet ch-msg.tcl?msg_id=0021If

based on a report on the PBS sponsored show, "Nightly Business Report" (see the thread for details). However, other than a rather terse and vague reference by NBR, I could find no further information.

The following Associated Press article, which appeared yesterday (12/20/1999):

Despite Official Confidence, Y2K Concerns Dog Latin America

may give credence to NBR's report of last week. Although no date is given, we read of the following event that occured:

... Banco Itau, Brazil's second-largest private bank,
sent a letter to some clients citing a payment due on
Jan. 3, 1900.

-- Jack (jsprat@eld.~net), December 21, 1999


South America is TOAST

-- Dan G (thepcguru@hotmail.com), December 21, 1999.

Dunno about South America, but...


-- panjandrum (panjandrum@samfoote.net), December 21, 1999.

Wells Fargo does not know that sending out statements with dates of 1900 on IS Y2K RELATED!!!!!!!!!!!!!!!!!!!!!!

YOU GOTTA BE SHITTIN ME!!!!!!!!!!!!!!!!!!!

-- (Here@today.com), December 21, 1999.

The banks in Argentina are "100%" compliant too. The only problem is that there has been NO IV&V and all their tests have been run in secrecy. Also, there is no such thing as SEC filings to check and the Central Bank PROHIBITS the release of individual bank information.

Maybe everything is Ok, and Maybe people won't panic (the cash/deposit ratio is less than 1%), and Maybe power will stay up (there have been severe outages throughout last week, NOT Y2K RELATED, or course), and Maybe the phone system will work (that would be a first!). But then again, maybe not...

-- El Argie (el argie 1@aol.com), December 21, 1999.

I hope I don't offend too many people, but what you have just described is typical of a developing nation. If you think the United States is bad about covering up negative Y2K news, just wait until you see the information blockade being played out in the developing world. It is likely that the people outside of the English-speaking world and a few other nations in western Europe will never even be allowed to know hat hit them.

Get ready for the blame game.

-- Rick (rick7@postmark.net), December 21, 1999.

The American public does not know that their banks have loaned out all their wealth, never to be repaid! When they realise this, they will react as their ancestors did. They will be filled with fear, gripped by panic and unable to cope. Also, we will find that those reared on envy and greed will again become desparate and dangerous citizens.

-- earl (ejrobill@pcpostal.com), December 22, 1999.

Moderation questions? read the FAQ