Macedonian Banks are Safer than West Europe's Banks
Channel: Sam Vaknin's Musings
Date: 2011-11-10

Frankly, I'd rather put my money in a Macedonian bank than in any west-European bank. Macedonia's banks have acted far more prudently than their brethren abroad, partly because they derive handsome profits from arbitrage between government bonds and deposits and partly because, accustomed as they are to bad borrowers and defaults, they are hypervigilant and laudably cautious. Macedonian bankers are, thankfully, not sophisticated and so avoided the pitfalls of derivatives, securitization, swaps, and other miracles of western financial engineering.