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News Link • Economy - Economics USA

EL-ERIAN WARNS: 'These Are All The Signs Of An Institutional Run On French Banks'

• www.businessinsider.com
"These are all signs of an institutional run on French banks. If it persists, the banks would have no choice but to delever their balance sheets in a very drastic and disorderly fashion. Retail depositors would get edgy and be tempted to follow trading and institutional clients through the exit doors. Europe would thus be thrown into a full-blown banking crisis that aggravates the sovereign debt trap, renders certain another economic recession, and significantly worsens the outlook for the global economy."

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