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Topic - Crédit Agricole
Crédit Agricole S.A. (CASA) is the largest retail banking group in France, second largest in Europe and the eighth largest in the world by Tier 1 capital according to The Banker magazine. It is also part of the CAC 40 stock market index. - Source: Wikipedia
Moody's Investors Service may lower the ratings of some of the world's largest banks, as well as those of some securities firms, because their long-term prospects for profitability and growth are shrinking.
Treasury Secretary Timothy F. Geithner hopped over the Atlantic to meet with his European counterparts Friday. Things are so desperate in the eurozone that the idea of a leveraged bailout fund, similar to the one used in the United States when it was hit by the collapse of Lehman Brothers in 2008, is on the table to address Europe's ongoing financial crisis.
The head of the World Bank is criticizing the 17 countries that share the euro currency for not taking tough actions to prevent the debt crisis in Europe.
Stocks in Europe and the U.S. remained firm Friday after better than expected U.S. retail sales data helped ease concerns that the world's largest economy is heading back into recession, while a ban on short-selling in several eurozone countries lifted bank shares.
A leading credit ratings agency warned on Monday that Greece would be considered to be in default if banks rolled over their holdings in the country's debt as proposed recently in a French plan.
Global markets hit a pocket of turbulence Wednesday as a year-old European bailout for Greece appeared to be unraveling, with deep and unpopular budget cuts triggering protests in Athens and threatening to topple the Greek government in a chain of events that investors fear will end in a globally destabilizing default on the nation's debt obligations.
Beijing warned Washington Thursday that economic ties might be damaged after American lawmakers escalated the conflict over China's currency controls, inching the two economic giants closer to a trade war.