By: Elliott Wave International
Elliott Wave International's July issue of The Elliott Wave Theorist reminds us why bank depositors need to prepare for the worst before a nation's financial system is gripped by crisis:
You can't wait until a monetary system collapses to protect your wealth. Just ask the Greeks. One day they were free to access all their savings at banks, and the next day the banks' doors were closed. Depositors' only relief was a dispensation allowing depositors to withdraw up to 60 euros a day.
You may be tempted to think that such a situation is unlikely to occur in Europe's advanced economies like France, Great Britain and Germany.But another severe economic downturn could bring historic bank failures.
Why? Because the banking system never fully recovered from the 2007-2009 financial crisis.
Here's a chart of three of Europe's largest banks: Continue reading "Why Your Bank Deposits May Be at Risk"
