French banks are going bonkers after last night’s big EU summit. These numbers (as of 8:12 AM) are out of this world:Societe Generale: +19.24%
Credit Agricole: +22.50%
BNP Paribas: +19.06%
Last night, EU leaders told us European banks are about to take 50% “voluntary” haircuts on holdings of Greek bonds and that most will have to raise billions of euros to reach a 9% capital requirement that will be imposed by June 2012.
From the looks of it, traders were expecting a whole lot worse for the banks.
European markets are up across the board this morning — even the Athens Stock Exchange.