The corralito risk

THE word corralito does not need translating to Spaniards. They know it means the partial freezing of bank accounts that afflicted Argentina as money fled the country a decade ago. That is what makes it so frightening.

It should not happen in a solvent country like Spain. But as the spectre of a Greek euro exit is haunting Europe, Spanish banks have become a big concern. Ministers have had to deny the corralito risk.