Obi-Wan Kenobi
/ 178.36.56.* / 2010-05-06 15:53
Numerous European Banks And Re/Insurers Identified With Tens Of Billions In Greek Failed Repo Exposure
BNP, Commerzbank, HSBC, SocGen, Natixis, BNP, CA, AXA, ING and Rabobank all identified as banks with massive Greek repo exposure. The next question: will writedowns on these now illiquid and, as the Greek bond market is effectively shut down for a second day running, untradeable positions be taken, or will Europe follow the US in pretending tens of billions in valuation gaps will be filled by Hopium? Also, as bankingnews.gr reports, and as we first highlighted, a variety of French re/insurers are about to get whacked.