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)
