French banks under pressure -exposure to Italian debt cited

[ASusilovic]

BNP Paribas SA and Credit Agricole SA, France’s largest banks by assets, are finding that their pursuit of growth in neighboring Italy in the past decade has a downside: political risk.

As the world’s biggest foreign holders of Italian public and private borrowings -- with $416.4 billion of such debt at the end of June -- French lenders face collateral damage from the political turmoil that sent Italy’s bond yields to euro-era records.

http://www.businessweek.com/news/20...al-woes-spell-nightmare-for-bnp-agricole.html

 

[Tsing Tao]

Quote from ASusilovic:

BNP Paribas SA and Credit Agricole SA, France’s largest banks by assets, are finding that their pursuit of growth in neighboring Italy in the past decade has a downside: political risk.

As the world’s biggest foreign holders of Italian public and private borrowings -- with $416.4 billion of such debt at the end of June -- French lenders face collateral damage from the political turmoil that sent Italy’s bond yields to euro-era records.

http://www.businessweek.com/news/20...al-woes-spell-nightmare-for-bnp-agricole.html

Maybe this is why French Bund spreads hit 150 this morning?

 

[TGregg]

This calls for immediate action! Meetings must be called, announcement of agreements made! We need LOTS of empty posturing and other posturing that is full of it!

Only a slue of meaningless gestures will save us from the dark days ahead!

 

[C6H12O6]

Quote from TGregg:

This calls for immediate action! Meetings must be called, announcement of agreements made! We need LOTS of empty posturing and other posturing that is full of it!

Only a slue of meaningless gestures will save us from the dark days ahead!

she heard you, here we go:

http://www.reuters.com/article/2011/11/09/us-eurozone-germany-merkel-idUSTRE7A83CL20111109
Merkel calls for changes in EU Treaty
(Reuters) - German Chancellor Angela Merkel said on Wednesday the situation in Europe is so unpleasant now that it is time for a change and called for changes in the European Union Treaty.
Merkel said in a speech that declarations of good intent are no longer good enough and that genuine structural reforms are needed that can be checked.
Merkel said the political community will not survive if it is not capable of changing. She said countries' responsibilities cannot end at their frontiers.
She also said that reforms are needed quickly because the rest of the world is not waiting for Europe.


translation: "our usual pathetic rhetoric isn't enough any more, we need more of it"

 

[denner]

Quote from TGregg:

This calls for immediate action! Meetings must be called, announcement of agreements made! We need LOTS of empty posturing and other posturing that is full of it!

Only a slue of meaningless gestures will save us from the dark days ahead!

Yes, the "good cop-bad cop" routine has gone every single day since August. It's easy to forget we had our own mouthpieces pulling this same shit about the US debt ceiling during that time as well.

 

[antelope]

Quote from C6H12O6:

Merkel said the political community will not survive

Freudian lapsus.

Here's their ONLY problem: the political community will not survive.

 

[clacy]

It is comical watching this unfold. I can't believe adults/world leaders were naive enough to think that you could couple sovereign nations and think that they would be willing/politically able to bail out their counterparts.

It's really quite funny in retrospect.

If German and French banks weren't so tied to the PIIGs debt, this thing would have unraveled long ago.

 

[zdreg]

Quote from C6H12O6:

she heard you, here we go:

http://www.reuters.com/article/2011/11/09/us-eurozone-germany-merkel-idUSTRE7A83CL20111109
Merkel calls for changes in EU Treaty
(Reuters) - German Chancellor Angela Merkel said on Wednesday the situation in Europe is so unpleasant now that it is time for a change and called for changes in the European Union Treaty.
Merkel said in a speech that declarations of good intent are no longer good enough and that genuine structural reforms are needed that can be checked.
Merkel said the political community will not survive if it is not capable of changing. She said countries' responsibilities cannot end at their frontiers.
She also said that reforms are needed quickly because the rest of the world is not waiting for Europe.


translation: "our usual pathetic rhetoric isn't enough any more, we need more of it"

translation: "our usual pathetic rhetoric isn't enough any more, we need more of it"
not at all. she is calling for real action.
"Merkel said the political community will not survive if it is not capable of changing."

she is saying that that the political leaders will be out of their jobs.
this is the real disaster for any politician.

"She said countries' responsibilities cannot end at their frontiers."
this is her backdoor for german domination of europe.