The Spanish regions of Catalonia and Valencia have issued debt to their own citizens after financial markets shut their doors because of the regions' high deficits.
Mr. Geithner said that just one year ago, economic activity came to a standstill as major financial institutions shut down because of a lack of liquidity.
They were rewarded in 2007, the year he won the Order of the British Empire for his public-sector work, when the financial recession shut down credit worldwide and all his projects in the public sector were cancelled.
Geithner said that just one year ago economic activity came to a standstill as major financial institutions shut down due to lack of liquidity.
But she worries that a scarcity of financial aid shuts out low-income students.
A bank holiday could quickly follow, with the stock market and most local financial institutions shutting down, while new capital controls make it hard to move money in and out of the country.
"Banks must then 'choke off' those customers' access to financial services, shutting down their accounts".
In early 2009, after prices collapsed with the global financial crisis, Pioneer shut down all its drilling in the Permian Basin.
