Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
But if, as Pierre suggests, the banks are beginning to get worrying signals from their models even without the credit ratings being downgraded, they will try to quietly reduce their exposure by selling any high-risk debt instruments they do hold. In addition, if they start writing things off, this is bound to show up in their quarterly financial statements. Which will provide more data points.

Can the last politician to go out the revolving door please turn the lights off?
by Migeru (migeru at eurotrib dot com) on Wed Jul 4th, 2007 at 11:40:50 AM EST
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