Report title: Banking Crisis: European Governments Take Calculated Risks With Public Finances But No Rating Impact Except for Iceland
from Moody's Global Credit Research
11 page (5709 word) report published Oct 09, 2008

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About Moody's Global Credit Research

...The unprecedented seizing-up of the US and global credit markets has led to severe liquidity stress in Europe, affecting many banks and banking systems and prompting a broad range of bold policy responses all over Europe. To date, the responses to the crisis hav e included full nationalisations, capital injections, firm declarations of suppor t and formal blanket guarantees. Other initiatives are possible given the continued fluidity of the situation. In addition, a reshaping of EU-wide financial stability arrangements is now being considered as a matter of urgency, and a relaxation of the Maastricht budget rules is increasingly probable. With the exception of Iceland, where the unprecedented seizing up of global credit markets has compounded the difficulties of Icelandic banks and considerably complicated the task of the government to restore financial stability, Moody s response has so far been very measured. Our view is that, in most cases, the rescues do not involve...

Report Type: Special Comment
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