Bank Run

Britons Withdraw Billions in Bank Run

Not good.


Shares in one of Britain's largest lenders tumbled another 30 percent Monday as customers, driven by fears of insolvency, made run on the bank and withdrew billions.

Northern Rock's problems came against the background of signs of cooling in Britain's booming housing market.In an interview published Monday in The Daily Telegraph, former U.S. Federal Reserve Board chairman Alan Greenspan warned that Britain was susceptible to some of the problems now roiling the U.S. real estate market. "Britain is more exposed than we are in the sense that you have a good deal more adjustable-rate mortgages," he said.

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