The banks shut for four days, after a run on deposits had almost exhausted the country's foreign-exchange reserves.
If its banks were panicked into calling in overseas loans, say by a run on deposits, an economic contraction would sweep America and the globe.
If a run on deposits occurs, they would face borrowing from private sources of funds at penalty rates of interest that would reflect current market realities.
In an effort to protect investors, Colombia and Ecuador suspended the activities of some Stanford affiliates, Panamanian regulators occupied Stanford bank branches hit by a run on deposits, and Mexico and Venezuela were also said to be considering measures.
After being closed for nearly two weeks, there was some fear that the reopening of Cyprus banks on Thursday could lead to a widespread run on deposits.
Investors had been worried that the reopening of banks in Cyprus, after being closed for nearly two weeks amid negotiations on a bailout package, could lead to a widespread run on deposits.
Of course, commercial banks are vulnerable to a run on customer deposits.
Talk of a run on Greek deposits, and some banks being cut off from European Central Bank (ECB) support, have added a fresh twist to scary talk about Greece and the euro.
Guta Bank stoked fears of an impending banking crisis in Russia after it revealed that it did not have enough cash for withdrawals by private clients after a recent run on deposits.
The Spanish bank Bankia, which was effectively nationalized this month, was not mentioned by Moody's, but the government was forced to step in Thursday to deny rumors of a run on bank deposits.
The unprecedented tax on bank deposits led to a run on cash machines over the weekend, as customers scrambled to protect their life savings.
CNN: Cyprus deposit tax 'overnight robbery,' says businessman
Regulators deliberately keep a pending closure secret to avoid a mad rush to remove deposits--a run on the bank, if you will.
Now Germany has taken its own measures to insure deposits and prevent a run on any of its banks.
As leaders prepared to tax bank deposits in order to prevent a default, citizens panicked and caused a run on the banks.
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