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Crisis of Confidence Fears of Bank Runs Mount in Southern Europe

Following the downgrade of 16 Spanish banks by Moody's, the focus in the euro crisis is back on the banking sector. Greeks are withdrawing hundreds of millions from their accounts, with reports that the same is happening in Spain. Experts are calling on the European Central Bank to step in and prevent full-scale bank runs.
The Spanish government has denied reports that €1 billion was withdrawn from beleaguered major savings bank Bankia last week.

The Spanish government has denied reports that €1 billion was withdrawn from beleaguered major savings bank Bankia last week.

AFP
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