Bank Runs Spread to Spain ... Black Swan ... and Time to Bug Out ?
Friday, 18 May 2012 09:06
'The problem with bank runs is that once
they start, they don't stop. And while the world was conveniently
distracted by events in Greece, debating whether or not people were
withdrawing money in droves (they were), the real bank run happened
elsewhere, namely in Spain, where just nationalized bank Bankia moments
ago plunged 30% and was halted following an El Mundo report that
"customers had withdrawn €1 billion over the past week." In other words
- a bank run (but whatever you do, don't call it that - it's not the
politically correct and accepted nomenclature) which has sent
shockwaves through Europe, pushed the EURUSD under 1.27, and bond
yields in their traditional "Europe is open" direction - wider.'
