Credit Lyonnais’s losses, while dwarfed by the record numbers in the credit crisis, amounted to about 5 percent of the bank’s total assets, which peaked at 304.3 billion euros in 1993, according to data compiled by Bloomberg. The same proportion of assets at BNP Paribas would equal about 112 billion euros, exceeding its total shareholders’ equity by 34 percent. This year’s Greek sovereign debt crisis “showed that French banks aren’t immune from risk, whatever the quality of the country’s regulation,” Bruegel’s Veron said.
French banks had claims on Greece of $57.3 billion at the end of June, the most of any country, according to Bank for International Settlements’ data.
“One of the reasons why I don’t like buying French banks, despite the fact that they’re very cheap, is the sovereign debt crisis,” said Dirk Hoffmann-Becking, a London-based analyst at Sanford C. Bernstein who has an “underperform” rating on BNP Paribas. “Because I don’t think it’s over.”
French banks had claims on Greece of $57.3 billion at the end of June, the most of any country, according to Bank for International Settlements’ data.
“One of the reasons why I don’t like buying French banks, despite the fact that they’re very cheap, is the sovereign debt crisis,” said Dirk Hoffmann-Becking, a London-based analyst at Sanford C. Bernstein who has an “underperform” rating on BNP Paribas. “Because I don’t think it’s over.”
Gambling and dangerous policies always come to an end and in this case probably in terrible pain. The few engaged in silencing for quite a few years the extremely dangerous situation in which french banks have put themselves are just protecting their interests as professionals and doing very little for the taxpayer risk exposure.... what if a new bailout was needed?
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