In Advance Of The Egyptian Bank Run...
Posted on: Thursday, February 03, 2011 16:38
Author: Tyler Durden zero hedge - on a long enough timeline, the survival rate for everyone drops to zero
According to Al Jazeera, the Egyptian Central Bank has just imposed a withdrawal limit of $10,000 on all banks in order to prevent a systemic bank run that will promptly wipe out what is left of the financial system. Look for this number to be cut to $100 in the first several minutes after banks reopen (whenever that actually happens). As for all that central bank currency "gold backing", somehow we have a feeling that Egypt's 75.6 tonnes in gold is about to be drastically adjusted. Also, it is not too late to reevaluate that long EGPT thesis. More as we get it. |
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