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European markets are in crisis this morning
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Monday, September 12, 2011
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From Zero Hedge:

As we speculated on Friday, Europe has opened, and it is ugly. In fact, Europe has never been closer to a bank and market holiday than it is right now. Why? Let's go down the list.

First, the French banks, which are about to be downgraded any minute, have just seen their CDS surge to records:

BNP CDS +24 to 299 bps
SocGen CDS + 26 tp 416 bps, new all time record wide
Credit Agricole CDS + 25 to 315 bps, new all-time record wide. Whoever followed our advice from last week and bought this latest jump... congratulations.

And joining in the record party, are Belgium +25 at 307 bps; France +12 at 190; Italy +40 at 505; and Spain +44 at 445 bps. Next, Italy sold 91-day and one-year bills, both of which came far worse than expected... and this is despite...

Read full article...

More on the euro crisis:

German Finance Minister: Greece is on the brink of collapse

Porter Stansberry: An update to my "End of America" warnings

The euro is getting crushed this morning... Now at six-month lows

Topics: Euro | Bankruptcy | Credit_Crisis
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