Responding to the eurozone crisis

The cutting crew

didier-valet

As denials go, the one Société Générale (SG) issued on August 10, 2011, was pretty firm. The rumours, it said, were completely unfounded, and the bank categorically and vigorously denied them. Whatever those rumours were – SG did not specify – they had caused the bank’s stock to collapse from €33.31 on August 1, to €22.18 on the day of the denial. The slide would continue to a September 12 nadir of €15.57.

At the time, there were plenty of rumours to choose from – an impending downgrade for

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