Without warning, Lloyd’s — the world’s oldest insurance market — just announced that it has withdrawn its money from European banks.
The reason? According to Lloyd’s, the banks are in danger of failing as Europe’s debt crisis continues to intensify.
The company’s Finance Director, Luke Savage, put it simply:
“If you’re worried the government itself might be at risk, then you’re certainly worried the banks could be taken down with them.”
Which European governments is Lloyd’s talking about? They’re not saying.
But it IS interesting to note that Lloyd’s didn’t just withdraw its money from Greek banks; it withdrew its money from banks all over Europe! .... Read more at http://jhaines6.wordpress.com
