Wednesday, June 15, 2011

Slip Slidin' Away!

"The avalanche has begun, it's too late for the pebbles to vote." --Ambassador Kosh

Greek default is the talk of the town across European capitols and in the halls of financial power.
European banks’ exposure to Greece unnerved investors again as Moody’s said it might cut the credit ratings of France’s three largest banks because of their large holdings in Greek debt.

“Following the deterioration of Greece’s creditworthiness, although still manageable, the risk is likely to have increased for certain banks,” said Nick Hill, analyst at Moody’s Investors Service.

“This results from both the direct effects of a potential default and the secondary effects, in terms of a potential deterioration of Greek private sector credit.”

French banks are among Greece’s biggest creditors, with $53bn in overall net exposure to Greek private and public debt, according to the latest figures from the Bank for International Settlements. German banks are also exposed with $34bn, including loans made through KfW.
Meanwhile, in Athens, protests against the austerity measures imposed by the IMF, ECB and the Greek government continue unabated.  The tear gas wafts freely through the streets.  Photos below the fold.

Is this the future of #WIUnion?

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