http://trenhoteleuropa.wordpress.com/2011/12/05/laldea-an-example-of-what-may-happen-in-europe/

This has left some 1600 souls with no cash.  :'(

Well,there is only one thing to do in a situation like this...





















Run around waving ones hands in the air and 


PANIC,PPPPPPPANIC !!!!!!!!!

Read the article but none the wiser as to what actually happened? Any more details as to what has happened?

The co-op was operating as a small bank, and had about 3000 clients most of whom were local.

Last year, in order to maximise profits, the co-op made several purchases of arable land - sound investments at the time.

However the interest rate offered on the savings accounts was about 3%, and when Catalunya started offering 4-5% on it's own 1 and 2 year bonds, a lot of their savers withdrew their cash and invested it elsewhere.

Not quite a bank-run, but effectively made them illiquid and they did not have the funds tot pay out anymore.

Banks eh!  This week 3000 in L'Aldea, next week France...

I really feel for those involved and hope they can get some compensation from the Government.