European Banking Shares Crash On The Morning’s Trade

[Purveyor]

Source: Investment Markets

Shares in banks and lenders across Europe have suffered heavily over morning trade, as a result of the ongoing sub-prime crisis and the condition of UK lender Northern Rock.

The impact of the perceived spreading sub-prime crisis has led to investors selling shares in banks across most major European countries over the course of the morning, for fear that the problems could continue to get worse before they get any better.

Northern Rock announced today that several Spanish banks had also been required to seek emergency funding from the European Central Bank highlighting the wider nature of the problem, although it refused to disclose any details, and the ECB strongly denies the claim.

Additionally, banks across Italy and France suffered through the mornings trade as investors continued to offload shares in those with potential sub-prime exposure for fear of further liquidity problems in finance sectors.

Northern Rock shares again plummeted, down by almost 40%


Read more: http://www.investmentmarkets.co.uk/20070917-875.html

[cliss]

1. Spain?

Several Spanish banks needed emergency funding?

This whole mess is starting to unravel. I think it's incredibly interesting that so far, this is hitting just Europe.

[bikebloke]

13. Ex-Pats?

There are a lot of British ex-pats in Spain. I wonder if it's just them. Or perhaps the locals saw the ex-pats withdrawing from the Northern Rock branches, and decided to follow suit to play it safe. Thus, the cascade commences.

[MetalCanuck]

14. Buy Silver or gold now!

Before its too late, you will know when you're dollar crashes
when it costs you 50 dollars for a loaf of bread. Do NOT tell
anyone you have it and if people do know hide it where they
cannot rob you for it.

Things may get real bad soon.

[sarcasmo]

2. A view of things to come in this Country, but only on a grander scale.

[girl gone mad]

4. Actually, I think Europe is worse off than us.

Even though our economy is likely going to tank, Europe has more problems than we do and I believe they will be hit harder.

[earth mom]

5. I was thinking the same thing. nt

[Zodiak]

3. I'm watching all of this with great trepidation

People are waking up to how there are no solid underpinnings to the world economy, especially in richer nations.

The whole world market is based on one thing: confidence, it is the loss of confidence that truly turns a bad patch into a full-blown collapse.

[Vincardog]

6. The whole world market is based on one thing: confidence scams

The thief's have been in charge so long they are starting to steal from each other in the open

[Acadia Blue]

10. Ditto

[TheLastMohican]

8. Confidence

Confidence driven by cheap paper caller "US dollar".

It is worth as much as the paper on which it is printed.

[PassingFair]

9. They are getting all "reality-based" on our asses. Hello Euro.

Good-bye Dollar.

:cry:

[natrat]

7. america produces nothing and borrows billions to eat caviar-something has to give

[Acadia Blue]

11. Yes, and they now only care about the rich. So who buys the junk

made in filthy dangerous contaminated food and products china? As we don't make anything, we get poorer and poorer. I buy as little as possible and only what I absolutly must or feel I can't creat my crafts without, and try as hard as I can to buy from the USA.

[PassingFair]

12. Not our fault.

We used to produce LOTS. Not so long ago, either.

And I HATE caviar.

We have been sold down the river.

Dam....