1. Moody's is downgrading Credit Agricole and Societe Generale this morning as French lenders have Eur 57bn exposure to Greece. Additionally the banks have also own subsidiaries in Greece which have been reporting losses
2. ECB lends about USD600mn to two unidentified European banks for a week at 1.1% as the banks couldn't access the USD market anymore
3. Depositors are massively withdrawing savings with European banks. It is not just Greece (19%) and Ireland (40%) which saw massive deposit outflows, France and Germany saw deposits shrinking rapidly as well.
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