Europe's Banks Are Staring Into The Abyss -- The Telegraph
Where now for European banks? Sir Howard Davies, former chairman of Britain's Financial Services Authority, said on BBC Radio's Today programme on Tuesday morning that he thought the French government was only days away from having to recapitalise the country's banking system for a second time. It's hard to disagree.
The panic seems to have been temporarily stemmed by a statement from BNP Paribas to the effect that it wasn't having the problems widely reported of finding dollar funding. There was also an emphatic denial of discussions over state intervention. But no-one is kidding themselves.
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My Comment: Is Europe (and the world) facing a financial disaster? Here is a brief montage of today`s headlines .....
Geithner: Economy in "an early stage" of crisis.
International alarm over euro zone crisis grows.
Moody's cuts French banks, eurobond talk lifts markets.
Markets in thrall to eurozone worries
Greek PM to hold crisis talks with Merkel, Sarkozy.
Banks already dealing with the Greek inevitability.
Greece gets closer to the brink: Merkel and Sarkozy to hold talks over debt crisis
.... It certainly does not look good, especially since I cannot argue with this assessment.
Update: I call this stating the obvious.
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