Moody's May Downgrade French Banks

5 posts / 0 new
Last post
#1 Wed, Jun 15, 2011 - 12:30pm
Shill
Offline
-
Mars
XX
Joined: Jun 14, 2011
3718
0

Moody's May Downgrade French Banks

HT: Economicpolicyjournal

Moody's announced late yesterday that it may downgrade France's BNP Paribas, Société Générale and Crédit Agricole due to their holdings of Greek. It also said it was looking at other banks for possible downgrades.

This is why France is so frantically trying to insure that the French finance minister, Christine Lagarde, becomes the next president of the IMF. French banks have heavy exposure to Greek debt and, the French want the IMF to bailout Greece and the other PIIGS for the benefit of their banks. Since the U.S. continues to be the largest contributor to the IMF (17.3%), an IMF bailout of the PIIGS means the largest portion of an IMF bailout will be borne by U.S taxpayers. All for the benefit of the banksters (French Edition, this time)

Edited by: Shill on Nov 8, 2014 - 5:07am
Wed, Jun 15, 2011 - 12:41pm
davefess
Offline
-
Eagle River, WI
Joined: Jun 14, 2011
130
753

Just makes me sick

Does anyone know if there is any resistance to Lagarde becoming head of IMF?

"it's game over man, game over!"
Wed, Jun 15, 2011 - 1:08pm
tmosley
Offline
-
Lubbock, TX
Joined: Jun 14, 2011
1892
14946

Yeah, pretty much everyone

Yeah, pretty much everyone who isn't from the West is against it.

Wed, Jun 15, 2011 - 1:17pm (Reply to #3)
davefess
Offline
-
Eagle River, WI
Joined: Jun 14, 2011
130
753

crappers

I hope bloomberg is wrong on this, but I doubt it, which makes DSK arrest even more suspicious (though he is a creep too). Greece will be bailed out it looks like by end of summer. Hopefully you there is enough resistance from the east but doubt it. sorry shouldn't of been so lazy and researched beforehand. :)

https://www.bloomberg.com/news/2011-06-14/lagarde-strengthens-lead-over-carstens-for-imf-s-top-job-as-fischer-exits.html

"it's game over man, game over!"
Wed, Jun 15, 2011 - 2:54pm
Elijah Craig 18
Offline
-
KY
Joined: Jun 14, 2011
31
156

The French Fix is in?

If true that the IMF job comes down to Lagarde and Mexico's Carstens, then the French win again. I'm frankly surprised that the Managing Director's spot will be a back-to-back victory for France given the propensity for Euro zone kleptocrats to pass the baton around. A German economist or banker would have been my guess.

Many strong candidates have likely passed on the opportunity, however. Akin to the captaincy of the Titanic. Would you want the job when the Euro and European Union crashes and burns? Great resume builder and a very short tenure for Madame Lagarde.

Before Enlightenment - Chop wood, carry water. After Enlightenment - Chop wood, carry water. ~ Zen Buddhist Proverb
Become a gold member and subscribe to Turd's Vault

Contribute

Donate Shop

The TFMR Silver Round
Buying Gold
randomness