In a continuing march of gloomy news from Europe, Moody's have downgraded 3 French Banks -
- BNP Paribas
- Societe Generale and
- 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.