French Bank Credit Ratings Latest Euro Debt Victim

Over concern that the large exposure French banks have to Greece’s debt, Moody’s rating agency cut the credit rating of two of France’s largest banks. The ratings agency’s one-notch downgrade of Societe Generale and Credit Agricole came hours before the leaders of Greece, France and Germany were to hold a video conference on measures to head off a potential Greek default, which has prompted rising global alarm.

Source: Reuters

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