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Friday, February 18, 2011

Gbagbo orders closure of banks in Cote d'Ivoire

ABIDJAN, Feb. 18, 2011 (World Twitter) -- Cote d'Ivoire's incumbent Laurent Gbagbo has ordered the closure of major international banks, citing their failure to respect the law, according to state television.

Broadcasting a decree read late Thursday by Gbagbo's spokesman, the television said the banks include the offices for Britain's Standard Chartered, France's BNP-Paribas and Societe Generale and U. S. bank (NYSE:USB) Citibank.

The closure marked an escalation of tensions between Gbagbo and the West, which has been the staunch backer of a series of sanctions to press him to cede power to his presidential rival Alassane Ouattara.

The standoff between Gbagbo and Ouattara has been dragging on since the Nov. 28 election, with both men claiming the presidency and the international community recognizing Ouattara as the president-elect.

(source:istockanalyst.com)

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