Thursday, 25 November 2010

Ireland: bank run warning

Ireland Risks Bank Run, El-Erian Says

Ireland risks a “major bank run” unless European officials act quickly to calm the financial turmoil in the nation, Pacific Investment Management Co. Co- Chief Investment Officer Mohamed A. El-Erian said.

“What you advise your sister in Ireland now is that you’d say take your money out of an Irish bank and put it in another bank headquartered elsewhere,” El-Erian said. “That’s what happened in Argentina and in emerging economies. People worry about their savings.’