German Finance Minister Prepares for Possible Greek Bankruptcy – Spiegel
These are the headlines at Spiegel Online, which should hit the markets like a ton of bricks offers on Monday. Looks like Spiegel posted the teaser to the full story to be released on Monday. Not a great way to restore market confidence, in our opinion. Here’s how the post ends: Read the full story on Monday on SPIEGEL ONLINE International.
And here’s how it begins,
France’s top three banks could face Moody’s downgrade this week
Moody’s Investors Service may wield the axe on France’s three largest publicly-traded banks. The Wall Street Journal says Moody’s may cut the credit rating of BNP Paribas, Societe Generale and Credit Agricole as early as this week because of their exposure to Greek sovereign debt, according to people familiar with the matter
Still, most experts agree that Europe’s crisis will persist until it adopts a far tighter fiscal and monetary union, expels weaker economies or divides into two, with different currencies.
“You either go forward to more European economic governance or backward,” said Edwin M. Truman of the Peterson Institute for International Economics. “And if you go backward, you go backward pretty far, to the fragmentation of Europe.”
Mr. Callow said that the mood among European central bankers and German officials, too, was “centralize or die.”
http://www.nytimes.com/2011/09/09/world/europe/09europe.html
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