A new phase?

The Economist writes:

Amid the deepening euro-zone crisis, Moody’s downgraded the credit
rating of both Societe Generale and Credit Agricole, two of FRANCE’S
LARGEST BANKS, over concerns that they hold insufficient capital to
withstand a Greek default. BNP Paribas, France’s biggest bank, denied
reports that it was having trouble raising funds in the markets.
French officials insisted that the country’s financial sector was
sound and did not need a further injection of capital from the
government.

I believe that this is the beginnning of a new chapter in the euro crises.
It’s not that I overestimate the role of rating agencies, but I think that this is a first symptome of contagion effects in the euro zone.
We wrote about that before.

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