Friday, December 9, 2011

Moody's Downgrades 3 French Banks

In a continuing march of gloomy news from Europe, Moody's have downgraded 3 French Banks - 
  1. BNP Paribas
  2. Societe Generale and 
  3. Credit Agricole SA
All of them had exposure to Greek bonds...

It took action a day after a regulator said European banks have to raise about 115 billion ($154 billion) more than expected to meet a new standard meant to shore up the lenders against market turmoil. 

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