Bank Crisis Spreads To Brazil, Where Banco Panamericano Plunges After Warning Liquidation Could "Destabilize" System
To all who thought the bank system is insolvent only in the developed world, it appears there is a new development: Brazil is now on the hook too:
- PANAMERICANO LIQUIDATION COULD DESTABILIZE SYSTEM, FERREIRA
- PANAMERICANO ASKED SUPPORT OF BRAZIL DEPOSIT INSURANCE FUND
Net result: stock down almost 30%.