EU bolstering Club Med to fend off second banking crisis

Banks are scaling back exposure to Club Med countries

Eurozone support for struggling Club Med nations is a stop-gap measure to allow banks to reduce their exposure to peripheral countries prior to any sovereign restructurings, said analysts at a Fitch Ratings conference on September 22.

Arnab Das, director of market research and strategy at Roubini Global Economics, said EU officials hoped to forestall a second – and potentially much more serious – European banking crisis, by propping up southern European sovereigns while financial institutions

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