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:
“When she could hide him no longer she got a papyrus basket for him, and plastered it with bitumen and pitch; she put the child in it and placed it among the reeds on the bank of the river.”
—Bible: Hebrew, Exodus 2:3.
“It is long ere we discover how rich we are. Our history, we are sure, is quite tame: we have nothing to write, nothing to infer. But our wiser years still run back to the despised recollections of childhood, and always we are fishing up some wonderful article out of that pond; until, by and by, we begin to suspect that the biography of the one foolish person we know is, in reality, nothing less than the miniature paraphrase of the hundred volumes of the Universal History.”
—Ralph Waldo Emerson (1803–1882)