Elite Trader

Elite Trader (http://www.elitetrader.com/vb/index.php)
-   Economics (http://www.elitetrader.com/vb/forumdisplay.php?f=43)
-   -   "Depositors at Bankia can be absolutely reassured that their savings are safe." (http://www.elitetrader.com/vb/showthread.php?t=242800)

shopster May 17th, 2012 08:52 PM

"Depositors at Bankia can be absolutely reassured that their savings are safe."
 
Spanish bank, Bankia, is denying reports of a run.

Bankia was nationalized about a week ago. Spanish Secretary of State Fernando Jimenez Latorre denied the rumor that 1 billion euros have been withdrawn since the bank was taken over by the government. Bankia shares fell as much as 29% today.

When government officials deny something like this, it usually means it's true. I can't see how the words "Spanish bank" wouldn't scare the bejesus out of any human being.

The bank's president, José Ignacio Goirigolzarri, really sealed the deal when he said in a statement to the Madrid stock exchange, "Depositors at Bankia can be absolutely reassured that their savings are safe."

Oh no, look out below…...........:)

cheers,

s


:cool:

drsteph May 17th, 2012 11:27 PM

Santander
 
Opinions on the stability of this one vs. the other spanish banks?

Bankia and the Cajas are one thing - Santander is another.

Opinion?

shopster May 18th, 2012 07:39 AM

the domino effect is in play.

s

Ghost of Cutten May 18th, 2012 08:19 AM

It's funny how they always say the wrong thing. The way to stop these rumours is just to play it cool, say something like "Anyone can come along and take out their money today - we invite you to visit the branch and withdraw as much as you like immediately."

Actions speak louder than words. As soon as people see that everyone is getting paid, any run will stop.

shopster May 18th, 2012 08:32 AM

lack of trust in banking world wide is now reality.

the suits can spew whatever drivel they have to the masses but it will not make a difference at the end of the day.

s

achilles28 May 18th, 2012 10:35 AM

nice. ECB picking winners and losers?


All times are GMT -4. The time now is 01:25 PM.