Bank Run In Spain

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just nationalized bank Bankia moments ago plunged 30% and was halted following an El Mundo report that “customers had withdrawn €1 billion over the past week.”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…

http://www.zerohedge.com/news/nationalized-spanish-bank-plummets-news-bank-run#comments

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Also related:

http://www.reuters.com/article/2012/05/18/us-moodys-spain-banks-idUSBRE84G1GC20120518

Thanks to Jawara for the above ink.

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