The initiative was created in October 2008 to help banks borrow money by promising to repay investors if the banks defaulted.

It contends the two banks defaulted on $110 million of obligations to it and its clients.

American banks persist in the decades-old notion that 'banks and governments won't default'.

Lacking the funds to do so, several banks - SBS Agro among them - defaulted.

When Russia's Government and its banks essentially defaulted on their debts, some Western banks found that they faced big losses that they thought they had laid off.

Throughout the entire nineteenth century, the bank, nationally chartered in 1865, never defaulted on its obligations and from 1824 paid its shareholders regular dividends.

Once investors grew fearful that Korea's banks would default, they fled and left corporations starved for the loans they needed to survive.

Lehman contends that the two banks defaulted on $110 million of obligations to Lehman and Lehman clients.

The racetrack first opened in 1977 as Parr Meadows and closed following a 113 day meet after the bank defaulted on loans.

While South Korea has enough cash to repay debts due by the end of next week, it is likely that its banks would default in January.