Israel plunged itself into economic disaster after its military attacks on the West Bank and Gaza Strip sent the Israeli stock market plunging and caused a "run" on its largest bank, Leumi. Reports from financial sources indicate Bank Leumi is now is grave danger of failing.
According to Bloomberg Business news, the Israeli stock market is down 49% and shares in bank Leumi are their lowest as investors pull money out of the country at a furious rate.
Unlike the United States, Israel does not offer any type of national "insurance" if a bank fails. People are wiring money out and pulling cash out of Bank Leumi so fast that the bank may utterly collapse as early as tomorrow afternoon.
If I had money in that bank, I would take it out fast.
More details as they become available. . . . .
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