diff --git a/electrum b/electrum
index f4b7ef003..70281656a 100755
--- a/electrum
+++ b/electrum
@@ -178,8 +178,8 @@ if __name__ == '__main__':
             found = wallet.file_exists
             if not found:
                 found = gui.restore_or_create()
-        except SystemExit, e:
-            exit(e)
+        except IOError:
+            exit("Error retrieving wallet file.")
         except BaseException, e:
             import traceback
             traceback.print_exc(file=sys.stdout)