Der Spiegel warning on French Banking dangers
“Funding market dislocations and negative market sentiment have revealed that the funding and liquidity profiles of the five banks are more vulnerable than we had thought,” S&P said in the statement. “The moderate current capital position of BNP Paribas, BPCE, Groupe Credit Agricole and Societe Generale is a ratings weakness,” S&P said.
One must wonder how much of the suggested 3 trillion now meeded to support the Ero can be underwritten by the French sovereign state. It seems small surprise that all in Germany seem to be backpeddling as fast as possible from the reports that a solution will be forthcoming next Sunday, let alone by 3rd November in Cannes, scene for many other fantasies, albeit usually only on celluloid!
Labels: Cannes, French banks
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