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But the government, fearing a run on the banks, believes that it is the only way to maintain stability and proceed with an orderly liquidation of insolvent banks.
ECONOMIST: Ecuador
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And by putting teeth into bankruptcy laws, so that insolvent firms were actually forced into liquidation, mismanagement would also at last have a downside.
ECONOMIST: The longer march
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After its experience in bailing out Thailand where insolvent finance companies are still in limbo rather than liquidation the Fund probably felt the need for immediate bank closures.
ECONOMIST: And South-East Asia thinks it��s all over
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It went into liquidation after the directors said the organisation was insolvent and its liabilities exceeded its assets.
BBC: Cornish credit union to return money within seven days