And just as we are topping on the markets, additional signs are pointing out that we are in for another leg down in the current recession.
The European Central Bank published today a survey on 118 banks’ lending practices.
Far from relaxing their credit standards as was expected with the heaps of public money they received, European banks have been halving corporate credit lines for Q2. And for Q3, they expect to further tighten their credit lines.
Link this to my previous post about losses with European banks and you’ll see that pink shoots are evaporating even more.
Recent Posts:
- It’s Not a Bailout – It’s An Intervention
- Headed Off To College This Year And Got A Student Loan? Sallie Mae Thanks You!
- ECRI Leading Economic Indicator Drops – Again
- August Unemployment Figures and Non Manufacturing ISM
- Economic Data and Earnings Schedule for September 3 2010
- Taxpayers to the Rescue of Afghanistan Banking Crisis?
More on this topic
(What's this?)
Soros on the Crisis and the Euro
(naked capitalism, 7/9/10)
Getting Ugly on the Commercial Real Estate Front
(naked capitalism, 8/1/10)
NOT EUROPE AGAIN….
(THE PRAGMATIC CAPITALIST, 8/16/10)
