Europe must act fast to avoid the risk of a bank run -
Term Sheet
FORTUNE -- "Europe is starting to look more and more like the U.S. as
it headed for the cliff in the fall of 2008. The continent's banking
system is fragile and overleveraged. Making a scary situation even
scarier is the lack of a central, credible authority to protect European
bank depositors against losses should their banks fail. While Europe
has not experienced any bank runs -- yet -- banks in Greece, Spain, and,
to a lesser extent, Italy have experienced bank "jogs," in which
depositors have withdrawn significant amounts of cash."
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