Banks in Spain are experiencing what's being described as a "bank jog."

In this slow-motion variation on a fully fledged bank run, savers pull out more and more cash from weaker banks. As a result, these sickly Spanish and Greek banks rely increasingly on cheap loans from the European Central Bank. German Chancellor Angela Merkel has refused to allow the ECB to recapitalize these iffy lenders through direct cash bailouts. This forces heavily indebted governments to use their own limited resources to come to the rescue of their banks, putting more strain on their creaking national balance sheets.