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04/10/2011 | The subprime continent

The Economist Staff

ANOTHER sea of red numbers on the markets today, with financial institutions taking their familiar pounding. Two banks in particular, Dexia and Morgan Stanley, have grabbed attention on either side of the Atlantic, though given the breadth of the decline, their prominence may be no more deserving, and perhaps even less, than some of their competitors.

 

Dexia's difficulties are greater than Morgan Stanley's but less surprising. The bank never got out of trouble after the French and Belgian governments joined forces to bail it out in 2008. It still has lots of toxic assets on its books from the first phase of the financial crisis, it depends on short-term financing, it has large holdings of Greek government debt, and so on. It is an accident that has already happened.

Morgan Stanley's unwanted appearance in the spotlight is more unexpected, and worrying for it. The bank would have hoped for a rebound after its gyrations on Friday; instead its share price dropped again and its CDS spreads widened further, to levels not seen since October 2008. Quite why Morgan Stanley is getting hammered is not clear: numbers that have been bandied around to show that it is heavily exposed to Europe seem to take no account of offsetting collateral or hedges that the bank may have on its derivatives book. It is scant consolation that the shares of two other American financial giants, Citicorp and Bank of America, were hit even harder than Morgan Stanley's.

French banks will say that this is no different from their own experiences since August, with investors selling first and asking questions later. But this looks like the first time that contagion from the debt crisis in Europe has really taken hold in America, when precautionary moves by investors have resembled something more like panic.

If so, it spells nothing but bad news. It means that the unwinding of US money-market funding of European banks will accelerate. It means that American banks will be under pressure to reduce their exposures to European lenders, stifling attempts by euro-zone banks to borrow directly from them. It means that the process of infection that has spread from Greece to contaminate other indebted countries in the single currency is now threatening to go a stage further and make any mention of the word "Europe" seem toxic. Calling for decisive action from euro-zone leaders to resolve the sovereign-debt crisis has become horribly repetitive. But without it, an entire continent risks becoming subprime.

The Economist (Reino Unido)

 



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15/09/2008|
06/09/2008|
06/09/2008|
05/09/2008|
05/09/2008|
05/09/2008|
05/09/2008|
01/09/2008|
01/09/2008|
01/09/2008|
01/09/2008|
22/08/2008|
22/08/2008|
17/08/2008|
17/08/2008|
16/08/2008|
16/08/2008|
28/07/2008|
28/07/2008|
28/07/2008|
28/07/2008|
28/07/2008|
28/07/2008|
19/07/2008|
19/07/2008|
24/05/2008|
24/05/2008|
03/05/2008|
03/05/2008|
29/04/2008|
11/02/2008|
05/01/2008|
09/12/2007|
18/11/2007|
10/11/2007|
10/11/2007|
06/11/2007|
06/11/2007|
06/09/2007|
26/08/2007|
25/08/2007|
11/07/2007|
16/06/2007|
16/06/2007|
10/06/2007|
10/06/2007|
19/05/2007|
19/05/2007|
19/05/2007|
19/05/2007|
24/04/2007|
24/04/2007|
14/04/2007|
14/04/2007|
05/04/2007|
05/04/2007|
05/04/2007|
28/02/2007|
28/02/2007|
05/02/2007|
05/02/2007|
04/02/2007|
04/02/2007|
04/02/2007|
04/02/2007|
04/02/2007|
04/02/2007|
29/01/2007|
29/01/2007|
29/01/2007|
29/01/2007|
11/01/2007|
11/01/2007|
11/01/2007|
11/01/2007|
27/12/2006|
27/12/2006|
27/12/2006|
27/12/2006|
27/12/2006|
27/12/2006|
20/12/2006|
20/12/2006|
17/11/2006|
30/09/2006|
28/07/2006|
12/04/2006|
12/04/2006|
12/04/2006|
06/03/2006|
21/02/2006|
17/02/2006|
31/01/2006|
10/01/2006|
28/12/2005|
31/10/2005|
26/09/2005|
29/08/2005|
11/08/2005|
08/08/2005|
24/06/2005|
24/06/2005|
24/06/2005|
03/04/2005|
03/04/2005|
03/04/2005|
03/04/2005|

ver + notas
 
Center for the Study of the Presidency
Freedom House