"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."