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Who killed Latvia’s ABLV Bank? And the risks of Europe’s tough new stance on foreign subsidies
14 May 2021 00:00
Like a good murder novel, the demise of ABLV Bank of Latvia has left us with a chalk silhouette on the sidewalk, but with little clarity about who committed the crime. Now, the demise of the bank in the wake of a money-laundering scandal has left out-of-pocket investors determined to crack open the European Union’s byzantine financial-services oversight mechanism. Also on the podcast: the European Union’s new discretionary powers to fight foreign subsidies. There’s no name checking of China in the official documents, but the bloc’s efforts appear squarely targeted in managing the behaviors of Beijing-backed enterprises.
The EU’s new plan to scrutinize foreign subsidies has higher review thresholds than initially planned.
Latvian bank ABLV’s legal defeat at the EU’s top court today opens the door to other judicial challenges.