Far less than the Americans will be, though.

I don't know if this is a fact, but I suspect major European banks have already reserved what they needed to - it's not a liquidity issue for them, so why hide the magnitude?

OTOH, in the US, this isn't necessarily true. I note Lehman Bros started off a rally y'day announcing better than expected earnings, but also tht their operating cash flow was nearly negative 50 billions (thru Nov.). They have 30 billions cash les, another 60 billions equivalent securities they could sell off to stay afloat, so I don't know what the cheering's about - they might be less than a year from going tits up like Bear.

It's not a liquidiy issue in the Eurozone. For USD, it surely is.

The Hun is always either at your throat or at your feet. Winston Churchill