Monday 15 June 2009

ECB warning on banks rattles global markets

Telegraph
"The European Central Bank has given its starkest warning to date on growing strains in the eurozone credit markets. ....In a ghastly day for Europe's lenders, Moody's downgraded 25 Spanish banks as rising defaults eat into reserves. ....In Germany, the bank-rescue fund Soffin said deep recession was leading to a "massive sharpening" of bank losses on risk assets, endangering the capital base of the financial sector."

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