Europe's financial system is in the midst of a crisis that leading bankers are comparing to the period just before the meltdown of 2008.
Bank shares in Europe fell sharply for a third day yesterday. BNP Paribas, France's biggest bank, dropped 5.2 per cent after falling 6 per cent on each of the previous two days.
Josef Ackermann, the Deutsche Bank chief executive, said conditions in Europe reminded him of September 2008, when the US investment bank Lehman Brothers failed and the world started its worst recession since the 1930s.
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