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:
“That strain again, it had a dying fall;
O, it came o’er my ear like the sweet sound
That breathes upon a bank of violets,
Stealing and giving odor. Enough, no more,
‘Tis not so sweet now as it was before.”
—William Shakespeare (1564–1616)
“A politician is a man who understands government and it takes a politician to run a government. A statesman is a politician who’s been dead ten or fifteen years.”
—Harry S. Truman (1884–1972)