February 17, 2009
LONDON (AP) - World stock markets slumped Tuesday as investors lost confidence in
governments' ability to turn around the flagging global economy with expensive rescue
plans.

"Europe's indexes were already under severe pressure earlier after a credit ratings
agency warned about potentially massive losses to leading banks exposed to the
fragile economies in Eastern Europe.
Shares in Societe Generale SA were down 9 percent and Deutsche Bank AG 4 percent.

Moody's said faltering economic conditions in Eastern Europe will hit local banks and
spill over to their Western owners, primarily in Austria, Italy, France, Belgium,
Germany and Sweden.

"A widespread deterioration in the economic health of core markets in Eastern Europe
is exerting negative rating pressure on subsidiaries and eventually may also lead to
a weakening of the parent bank's ratings assuming East European activities represent
a significant part of total banking activities of the parent," Moody's said."


Wyglada na to, ze jestesmy w koszyku z pachnacymi jajami.
JaC