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Moody's downgraded 28 Spanish banks, reflecting the agency's view that Madrid's ability to provide support to the local banking system has declined.
WSJ: U.S. Stocks Close Higher
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Argentinians are already pulling their money out of the local banking system.
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But it was still uncomfortably high, public confidence in the rouble had been shattered, and the local banking system was quite rightly mistrusted.
ECONOMIST: Russian economics
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There is some evidence that the usual pattern of these loans is they find their way to the central government and the debts get rolled over by the local municipal banking system.
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He added that, when banks became distant from the communities they served, problems were created, saying "at least part of the banking system should be local".
BBC: Archbishop's warning over economic 'depression'
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Those fearing the collapse of their local currency or their local banking system won't have to lug around hunks of metal as a way to store their wealth.
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The Monetary Authority's Yam revised interbank trading rules to boost liquidity in the banking system, making it harder to manipulate local-dollar interest rates.
CNN: FIGHTING 'GODZILLAS'
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They would have been those local ones which had been making those local loans, sure, but mass bankruptcies in the banking system there would have been just the same.
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Ten years ago branch networks were decided by the Bank of Italy, the central bank, lending was tightly regulated and two-thirds of the banking system was in the hands of central or local government.
ECONOMIST: Italian banking
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Manufacturers also typically rely on the ability to import parts - something that may prove impossible for local companies so long as international capital controls stay in place and the banking system remains dysfunctional.
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