Europe's Impact Is Diluted
What matters? Does a French bond downgrade matter?
At one point we would be down 2% in Europe and that would send us down 2.5% here because somehow our financials would get hit heavily, which would cause losses across the board. We would then spend all of our time fretting about it and what it means for the banks that own French paper. We would be focused on the prospects of Societe Generale to make it through this crisis and we would be speculating on which French bank wouldn't be able to meet their obligations. We would then focus on the money funds that have French paper and how this downgrade would send money out of French banks into Germany. It would then be the proximate cause for major handwringing about how France is going to go into recession and join Spain and Italy on the periphery....336 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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