It would appear the fears of a global bank run are spreading. From HSBC’s limiting large cash withdrawals (for your own good) to Lloyds ATMs going down, Bloomberg reports that ‘My Bank’ – one of Russia’s top 200 lenders by assets – has introduced a complete ban on cash withdrawals until next week. While the Ruble has been losing ground rapidly recently, we suspect few have been expecting bank runs in Russia. Russia sovereign CDS had recently weakened to 4-month wides at 192bps.
Via Bloomberg,
Lender has introduced complete ban on cash withdrawals until end of week, news agency reports, citing unidentified person in call center.
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I think we’ve reached the point of inevitability… we’ve certainly passed the point of no return.
Got God? It really is this simple. Trust in the Lord or trust in man: the decision is self-evident.
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