Moodys has cut Societe Generale’s credit rating to Aa3, mainly because of its large holdings of Greek sovereign debt. SocGen is France’s third largest bank. Credit Agricole and BNP Paribas are also having problems.
So it begins. I’d have thought a better headline would have been “So it continues” but, there you go. Zero Hedge has the details.
UPDATE: From the DT Europe’s banks are staring into the abyss