Previous terms for these episodes were bank failures, financial panics, runs on currency, debt crises, liquidity runs, national defaults, bubbles, hyperinflation.

FORBES: The Futures Of Money

Falling property prices caused defaults and a liquidity crisis in the banking system so severe that the authorities feared the cash machines would stop working.

ECONOMIST: Repent at leisure

In Moody's view, the longer the liquidity crisis continues, the more rapidly the probability of defaults will continue to rise.

BBC: Are markets betting on IMF bailout of Italy?

Such high spreads usually occur when the fear of defaults is high, but given the excess liquidity in the banking system, a default wave does not appear to be in the offing.

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