Ireland Risks Bank Run, El-Erian Says: Tom Keene
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Ireland risks a “major bank run” unless European officials act quickly to calm the financial turmoil in the nation, Pacific Investment Management Co. Co-Chief Investment Officer Mohamed A. El-Erian said.
“The numbers so far have shown that the Irish banking system has been bleeding deposits,” El-Erian said in Bloomberg Radio interview on “Bloomberg Surveillance” with Tom Keene. “It will seriously undermine the prosperity of this country for a generation. The first thing they must do is execute on what they announced this weekend -- which is a big external aid package and steps by the Irish government.”