Banks and Investors Both Rattled by European Debt Concerns
European debt concerns continued to weigh on investor sentiment today (Thursday) as rumors circulated that the European Central Bank (ECB) was planning an intervention into the continent’s banking sector.The ECB is buying government bonds and increased its lending to banks, but that has done little to alleviate concern that the nearly-$1 trillion (750 billion euros) Eurozone bailout package announced last month won’t be enough to prevent a collapse in the banking industry.
The ECB said on Monday that European banks will have to write off more loans this year than they did in 2009. The region’s banks are expected to write off some $237 billion (195 billion euros) in bad debt by 2011. Read more
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