Eric King: “It now appears at this point that the multiple bank runs in Europe have the ability to spread and create massive contagion.”
Dr. Philippa Malmgren: “We have seen Banco Santander, which is considered the most important of the continental banks in Europe, recently announce without any warning that they didn’t have enough cash and they had to do a very sudden and abrupt cash call of almost $8 billion just to stay alive….
“This started a bank run at Banco Santander. As much as 30 percent of the deposits in the U.K. were immediately withdrawn. So this was of course a very big event and it has contributed to further euro weakness. The fact is that when the biggest bank in Europe tells you without any warning that they need $8 billion just to keep the doors open, this is a big story.”
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