Argentina: “Qui cum canibus concumbunt cum pulicibus surgent”
Looks like Citibank lied down with dogs, and is now covered with fleas:
If the banking giant obeys a US judge’s order, it risks losing its banking license in Argentina — and the $2 billion it has in local deposits.
But if it follows Argentine law, it risks violating a US federal court order.
Play me the world’s smallest violin: It’s not looking good,
In a recent speech, Kirchner reminded Citi of its obligations under Argentine law and noted that her government decides who gets banking licenses in the country.
The potential fallout is a major concern for Citi, which has a huge retail banking presence in Argentina — and throughout South America, which is siding with Argentina.
About 18 percent of Citi’s revenues come from Latin America.