slaughter of minority shareholders. It throws good money after bad, cosies up to oligarchs near and far and engages in creative accounting. Instead of Westernizing the Easterners - it has been Easternized by them. Its sedentary though peregrinating employees are more adept at wining and at dining the high and mighty and at haughtily maundering in the odd, tangential, seminar - than at managing a banking institution or looking after the interests of their nominal shareholders with the tutelary solicitude expected of a bank. Consider two examples: Macedonia The nascent private sector is nowhere to be found in the list of projects the EBRD so sagely chose to falter into here. The Electricity and Telecoms monopolies are prime beneficiaries as is the airport. The EBRD is also a passive shareholder in both big universal banks - until recently, conduits of state mismanagement. The SME and Trade Facilitation credit lines were conveniently divvied up among five domestic banks (one went belly up, the managers of two are under criminal investigation and one was sold to a Greek state bank). Despite vigorous protestations to the contrary, none of this money reached its proclaimed entrepreneurial targets. Two loans were made to giant local firms - the natural preserve of commercial lenders and equity investors the world over. The EBRD contributed nothing to the emergence of a management culture, to the development of proper corporate governance, to the safeguarding of property rights and the protection of minority shareholders here. Instead, it colluded in the perpetuation of monopolies, shoddy and shady banking practices, the pertinacious robbery titled "privatization" and the pretence of funding languishing private sector enterprises. Russia Its 2 billion US dollars portfolio all but wiped out in the August 1998 financial crisis, the EBRD has now returned with 700 million new Euros to be - conservatively but not more safely - lent in major energy and telecom behemoths. The historic, pre-1998, portfolio appears impressive. Almost 11 billion US dollars were generated by the EBRD's less than 4. The bottom line reads 94 projects. Yet, when one neutralizes the infrastructural ones (including the gas and energy sector) - one is left with less than 50% of the amount. Add "infrastructure-like" projects (water transportation and the like) - and less than 30% of the portfolio went to what can be called proper "private sector". Moreover, even these investments and credits were geared
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theRoberto Gaucho Hair Color, Body Shape, Family Members, Father, Mother, Brother, Sister, Marriage and Affairs
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Roberto Gaucho Hair Color, Body Shape, Family Members, Father, Mother, Brother, Sister, Marriage and Affairs
Roberto Gaucho Hair Color, Body Shape, Family Members, Father, Mother, Brother, Sister, Marriage and Affairs
ByRoberto Gaucho Hair Color, Body Shape, Family Members, Father, Mother, Brother, Sister, Marriage and Affairs
1862Roberto Gaucho Hair Color, Body Shape, Family Members, Father, Mother, Brother, Sister, Marriage and Affairs
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Roberto Gaucho Hair Color, Body Shape, Family Members, Father, Mother, Brother, Sister, Marriage and Affairs
Roberto Gaucho Hair Color, Body Shape, Family Members, Father, Mother, Brother, Sister, Marriage and Affairs
Roberto Gaucho Hair Color, Body Shape, Family Members, Father, Mother, Brother, Sister, Marriage and Affairs
Roberto Gaucho Hair Color, Body Shape, Family Members, Father, Mother, Brother, Sister, Marriage and Affairs
Roberto Gaucho Hair Color, Body Shape, Family Members, Father, Mother, Brother, Sister, Marriage and Affairs
Roberto Gaucho Hair Color, Body Shape, Family Members, Father, Mother, Brother, Sister, Marriage and Affairs
Roberto Gaucho Hair Color, Body Shape, Family Members, Father, Mother, Brother, Sister, Marriage and Affairs.
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