European Shares Fall on France Downgrade Rumor

August 10, 2011

European shares ended sharply down on Wednesday, led lower by a steep sell-off in banking shares, with Societe Generale down more than 21 percent at one point on a slew of rumours about the bank.

A SocGen [SOGN.PA 22.18 -3.835 (-14.74%)] spokeswoman categorically denied all rumours relating to the bank’s financial solidity, but the bank’s shares were still down 14.7 percent after hitting a 2-1/2-year low and witnessing their biggest daily percentage decline in more than two decades.

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Credit Agricole fell 11.8 percent, while the European banking index was down 6.5 percent.

“We are running short of triple-A countries. If France is downgraded, that raises issues about other countries as well. Fundamentally public finances are not very strong,” said Klaus Wiener, chief economist at Generali Investments, which manages 330 billion euros ($469 billion).

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3 Responses to “European Shares Fall on France Downgrade Rumor”

  1. Deutsche Mark or Neuro coming soon. The GISP governments free their rich citizens from sufficient tax to balance the budget and are now extorting Germany. To stabilise Spain and Italy for the Euro the German government will have to collect a quarter million from the (retirement) savings of every Heinrich middle class, for the tax benefit of the rich in Spain and Italy. Of course the German government cant survive such behavior in the elections, so the return of the Deutsche Mark is inevitable, see www,LOTto,KG

  2. What’s France’s potential downgrade got to do with satan? is he some super shit stockbroker in his spare time?

  3. if you are ignorant of satan you will never understand the time. if you are not born again you will never live on earth or in the next world.

    someone payed for salvation with his blood.

    the power is in the blood

    the power is in the blood

    remember any satan worshiper will never reject his or her God satan. so ask them if they worship satan they will say it in public or private cuz if they love satan and they confess with there lips that he does not? satan will bless him.

    so now you have a real weapon to fight evil.

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