"If ye love wealth better than liberty, the tranquility of servitude better than the animating contest of freedom, go home from us in peace. We ask not your counsels or your arms. Crouch down and lick the hands which feed you. May your chains set lightly upon you, and may posterity forget that you were our countrymen."

Wednesday, 14 September 2011

SocGen Downgraded

Moodys has cut Societe Generale's credit rating to Aa3, mainly because of its large holdings of Greek sovereign debt. SocGen is France's third largest bank. Credit Agricole and BNP Paribas are also having problems.

So it begins. I'd have thought a better headline would have been "So it continues" but, there you go. Zero Hedge has the details.

UPDATE: From the DT Europe's banks are staring into the abyss

3 comments:

  1. screw the conservatives, they've sold out just like new labour.
    my vote will be for UKIP or the BNP.

    ReplyDelete
  2. oops wrong thread :(

    ReplyDelete
  3. Don't worry, you're in good company. This isn't a liblabcon blog ;-)

    ReplyDelete

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