While everyone’s been focused on US bank runs, Credit Suisse, a globally systemically important bank, has seen its stock crash and credit default swap rates (basically default insurance) explode. Credit default swaps in particular have been a reliable indicator of the market’s bet on a bank’s solvency. A bank like CS have issues could cause globally important banks to pull back liquidity support for each other as happened in the 2008 financial crisis. My guess is that this doesn’t bode well for the economies and banks of Europe, especially economies that have struggled to recover since 08 (Italy, Greece)