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:
“The English language is like a broad river on whose bank a few patient anglers are sitting, while, higher up, the stream is being polluted by a string of refuse-barges tipping out their muck.”
—Cyril Connolly (1903–1974)
“Adrenalin dispels boredom. Run, you sufferers from ennui! Run for your lives!”
—Mason Cooley (b. 1927)