Friday, December 9, 2011

Moody's Downgrades Top French Banks


Moody’s Investors Service on Friday downgraded the three largest banks in France, and said there was a “very high” probability that the French government would step in to support them if conditions worsened.

Just a day earlier, Europe’s main banking regulator said that all French banks had passed a test designed to see whether financial institutions have enough capital to weather unexpected shocks. ut Moody's is of the opinion that  the banks could face further losses on their holdings of Greek and Italian government bonds, should the crisis deepen.

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