Keating Discusses Greek Debt Crisis with Fox’s Cavuto

ABA President and CEO Frank Keating appeared on Neil Cavuto’s Fox Business program yesterday to discuss the debt crisis in Greece, which has seen capital controls imposed, banks closed for nearly a week, depositors limited to €60 in daily withdrawals and rumors of haircuts on uninsured deposits.

Keating emphasized the safety U.S. depositors enjoy, noting that no FDIC-insured deposits have ever been lost. “U.S. banks are all highly capitalized, with the highest capital levels ever,” Keating said. “I feel good about that.”

He warned, however, that the U.S. is on a similar path as Greece in terms of running up the national debt and said “we have to resolve” the problems — such as health and old-age entitlements — that are running up the U.S. debt.