Road to Depression

Spain bank transfers reflect broader fears!

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MADRID, Spain (PNN) - May 24, 2012 - Ángel de la Peña, a Spanish government worker, is seriously considering the once unthinkable: converting some of his savings from euros to British pounds.

It is only a trickle so far, and not nearly enough to constitute a classic bank run. But these growing transfers of deposits out of troubled Spanish banks reflect a broader fear that the country’s problems could make it hard for Spaniards to get to their money if banks fail and cannot be supported by the government.

Secret central bank aid props up Greek banks!

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FRANKFURT, Germany - May 21, 2012 - There has been no official announcement; no terms or conditions have been disclosed. But Greece’s banking system is being propped up by an estimated 100 billion euros of emergency liquidity provided by the country’s central bank - approved secretly by the European Central Bank in Frankfurt. If Greece were to leave the eurozone, the immediate cause might be an ECB decision to pull the plug.

Greeks withdraw close to a billion dollars in one day!

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Is this beginning of a run on banks?

ATHENS, Greece (PNN) - May 16, 2012 - Political leaders in Athens were due to discuss an emergency government Wednesday to deal with a possible run on banks as Greeks withdrew almost $900 million in a single day, fearing their country could crash out of the euro currency by the end of the week.

Foreclosure case could slam banks!

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TALLAHASSEE, Florida (PNN) - May 10, 2012 - The Florida Supreme Court is set to hear oral arguments Thursday in a lawsuit that could undo hundreds of thousands of foreclosures and open up banks to severe financial liabilities in the state where they face the bulk of their foreclosure fraud litigation.

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