[virgincrude]

So, it hits La France.

France To Inject 10.5 Billion Euros

The six biggest banks in France will get 10.5 billion euros (14 billion U.S. dollars) from the government, tapping for the first time the 360 billion-euro state rescue package to counter the effect of the global financial crisis.
The biggest bank, Credit Agricole, will get 3 billion euros, BNP Paribas will get 2.55 billion and Societe Generale 1.7 billion, Finance Minister Christine Lagarde told reporters Monday.

Credit Mutuel will receive 1.2 billion, Caisse d'Epargne 1.1 billion and Banque Populaire 950 million, she said.

The government will subscribe to subordinated debt issued by the banks, without acquiring voting rights in efforts to promote the lending capacity of the banks, Lagarde said at a press conference.

"In exchange, they must commit to a target of increasing loans to the economy in order to guarantee a degree of financing in-line with the needs of individuals, companies, local government and professionals," Lagarde said."

(Isn't that what they were supposed to do before the crunch ....?)

[lateStarter]

And the IMF is now saying that all 'major' EU economies should be getting ready for a recession. Emerging markets should be preparing for a 'hard landing'. I went back for the link but it was gone.

My wife spoke to one of her relatives today in the banking industry about refinacing a small loan we have to Swiss Franks vs Polish zloty (PLN) and he said to leave it in zloty (PLN).

So far no bank bailouts in Poland.

[GeneralGreen]

Well Poland like the rest of Eastern Europe 'except for the Baltics' has yet to see a drop in property prices..that is really what caused this mess in the USA-West-Spain etc..Once property prices 'which are even more expensive in Poland and Ukraine-Moscow then in most US Cities" start to drop and they will the banks will close in record numbers and fast..Property went up way to fast in PO-UA and RU and will crash...they are already crashing fast in Estonia and now this week alone in ukriane 20% drop due to the crdit freeze..i expect next year...a bloodbath in Po and UA in teh banking sector.

[drgoodword]

Well Poland like the rest of Eastern Europe 'except for the Baltics' has yet to see a drop in property prices..that is really what caused this mess in the USA-West-Spain etc..Once property prices 'which are even more expensive in Poland and Ukraine-Moscow then in most US Cities" start to drop and they will the banks will close in record numbers and fast..Property went up way to fast in PO-UA and RU and will crash...they are already crashing fast in Estonia and now this week alone in ukriane 20% drop due to the crdit freeze..i expect next year...a bloodbath in Po and UA in teh banking sector.

I don't know if this applies to Poland, but I have a lot of relatives in Serbia, and they say that in the capital city, Belgrade, the real estate business is largely mafia controlled, with various organized crime syndicates outright owning a great deal of real estate, and hanging on to it (and not dropping their prices) in hopes that the market will start moving again like in the bubble days. A monopoly, if you will.