The prevailing wisdom is that Greece will default (soon), and any talk of an orderly insolvency or a ringfencing of the financial system in Europe is being mocked by the markets right now.
European banks are getting destroyed.
Real quickly, a few notables:
- Deutsche Bank is off 6.8%.
- SocGen is off 9.3%.
- Natixis is down 6.4%.
- BNP Paribas is down 9.8%.
This list could go on and on.
There had been rumours of a big Moody’s downgrade of some French banks, but that hasn’t happened yet… but it hasn’t needed to for people to freak out.
Meanwhile, for the latest general thinking on the situation, see here.
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