EU bolstering Club Med to fend off second banking crisis

EU help for Club Med nations is designed to give European banks enough time to minimise exposure to the region prior to debt restructurings, said analysts at a Fitch Ratings conference.

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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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