Overnight deposits at the European Central Bank reached an all-time high, suggesting banks remain more willing to park money at the ECB than to lend to other banks.

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Given that around 30% of deposits are held overnight, any plan to inflict haircuts would need to be hatched in secret to avoid bank runs.

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The worry among depositors is not just that their bank will go bust, it is also that their deposits in euros may overnight turn into a less valuable currency.

ECONOMIST: Preventing a big European bank run