Cote d Ivoire: U.S Condemns Nationalization of Banks by Gbagbo, Posted by Meosha Eaton

Cote d Ivoire: U.S Condemns Nationalization of Banks by Gbagbo

By Williams Ekanem

The United States has condemned the nationalization of four international banks in the country saying it would result in serious implications for monetary stability and investors confidence in the West African country.

Addressing the situation on Friday at the Department of State in Washington D.C. Philip Crowley, Assistant Secretary, Bureau of Public Affairs said the nationalized banks closed for business at the haet of the political turmoil in Cote d Ivoire because they were not ready to participate in irregular banking transactions to circumvent international measures against the country.

The international community put measures in place because Gbagbo refused to cede power to Alassane Quattara widely recognized as the rightful winner of the November presidential elections in the country.

Crowley stated that this political standoff continues to have a very real impact on Ivoiran citizens  who have long awaited lasting peace and prosperity after years of instability and civil war.

 The international community bolstered the U.N. peacekeeping force in the Ivory Coast to head off any potential challenge by supporters of President Laurent Gbagbo, the State Department said on Wednesday.

The U.N. Security Council on Monday voted to extend its UNOCI Ivory Coast peacekeeping mission for another six months, dismissing Gbagbo's demand that it should leave, and left open the option that it could be expanded.

France maintains a 900-member force in the country to support the 10,000-strong U.N. contingent.