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US money market funds used to hold dollar deposits with European banks. As a result of this summer's banking scares in France, they are withdrawing in droves.

Eurointelligence: Euro crisis creeps into France (13.09.2011)

US money funds reduce holdings in French banks

US money-market funds have cut their lending to French banks at a pace that may force the banks to raise capital by selling assets, Bloomberg reports quoting from a report from Deutsche Bank. Prime money funds reduced their holdings in certificates of deposits issued by French banks by about 40% in three months through August.  Holdings of CDs from banks across Europe fell about 31%.

Economics is politics by other means
by Migeru (migeru at eurotrib dot com) on Thu Sep 15th, 2011 at 09:33:46 AM EST
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