Home/Rod Dreher/Run on European banks?

Run on European banks?

November 25, 2011

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9:54 pm

Rod Dreher

John Carney at CNBC says there are signs that European banks are beginning to undergo a run. Excerpts:

Right now, according to sources I spoke with in Europe, there isn’t much of a sign of retail customers withdrawing funds. But hoping that customers don’t notice what is happening to every other source of bank funding is not exactly a strategy for stability.

The Economist reports that bank funds are hemorrhaging out of Europe via the bond and money markets, and that there are now signs that corporations are withdrawing their money from European banks. Not good. Not good.

Business Insider has a list of 20 banks that will be “crushed” if the PIIGS (Portugal, Ireland, Italy, Greece, and Spain) go belly up. “Crushed” isn’t hyperbole, either, not with the figures in play here. Some very big names, too, including Deutsche Bank, Barclays, and Credit Agricole.

about the author

Rod Dreher is a senior editor at The American Conservative. He has written and edited for the New York Post, The Dallas Morning News, National Review, the South Florida Sun-Sentinel, the Washington Times, and the Baton Rouge Advocate. Rod’s commentary has been published in The Wall Street Journal, Commentary, the Weekly Standard, Beliefnet, and Real Simple, among other publications, and he has appeared on NPR, ABC News, CNN, Fox News, MSNBC, and the BBC. He lives in Baton Rouge, Louisiana, with his wife Julie and their three children. He has also written four books, The Little Way of Ruthie Leming, Crunchy Cons, How Dante Can Save Your Life, and The Benedict Option.

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