Friday, 16 September 2011 07:00
'The ratings firm Moody’s downgraded two of France’s biggest banks Wednesday, increasing pressure on governments across Europe to impose austerity measures on the working class.
Moody’s cut its rating for France’s second largest bank, Société Générale, from Aa2 to Aa3, and downgraded the third biggest bank, Crédit Agricole, from Aa1 to Aa2, citing their exposure to Greek government bonds. It left BNP Paribas, France’s biggest bank, at Aa2, while putting it on negative watch.
The move, which had been widely anticipated, came in the midst of mounting fears of a Greek debt default and resulting collapse in confidence in French and other European banks that have large holdings in Greek bonds.'
Read more: French Bank Downgrade Increases Pressure for Austerity Across Europe
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