TODAY'S EUROPEAN CHAOS: Bank Downgrades, Talk Of Eurobonds, Market Turbulence

torn european flags

Photo: Flickr bazylek100

Another wild day in Europe so far.Moody’s kicked things off with an expected downgrade to Societe Generale and Credit Agricole. BNP Paribas declined over 4% after the company announced a plan to sell $95 million in assets to raise its Tier 1 capital ratio 9% by 2012.

European Commission President Jose Manuel Barroso provided some good news in the past hour with plans to present options for the introduce eurobonds. Barroso offered this inspirational speech via Reuters: “This is a fight for the jobs and prosperity of families in all our member states. This is a fight for the economic and political future of Europe. This is a fight for what Europe represents in the world. This is a fight for European integration itself.”

UPDATE: Nicolas Sarkozy is said to have promised to do everything to save Greece. European markets and the euro rallied on this headline.

European markets are up nearly 1% after lots of turbulence.

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