Bank Run
On October 27, 2008, Gulf Bank of Kuwait suffered a bank run as losses mounted from clients defaulting on bad debt related to currency derivatives. Kuwait’s central bank will guarantee deposits at Gulf Bank, but losses on the debt may exceed 375 million dinars.
Read more about this topic: Gulf Bank Of Kuwait
Famous quotes containing the words bank and/or run:
“What’s breaking into a bank compared with founding a bank?”
—Bertolt Brecht (1898–1956)
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