U.S. banks are thought to have limited direct exposure to the crisis in Europe.
But a collapse in the euro would certainly impact the ability of financial institutions worldwide to get credit, U.S. banks included.
"You'd have another mass round of bank failures here," said Harry Clark of Clark Capital management.
Clark isn't just talking about the Lehman Brothers or MF Globals of the world. He means the big retail banks -- Citibank, Bank of America, Wachovia.
And while individual deposits are insured up to $250,000 that likely wouldn't stop frightened people from mobbing their local branches to get their money out, like they did at this IndyMac bank in California when it failed in 2008.
President of European Central Bank says euro is "irreversible" even though he sees tougher time for banks in coming year, and ECB talks of rising contagion risk.
