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FRENCH BANKING! IS IT SAFE?


Philouis
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There is an awful lot of unjustified panic around at the moment. This loss of confidence is financial institutions in my opinion is completely daft. Ask yourself has any bank depositor lost a single penny? Even with Northern Rock when Brown/Darling dithered for weeks nobody lost anything and nobody is going to lose anything. French Financial institutions are completely sound.
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I wonder what proportion of the "panickers/worriers" in the UK have more than the currently guaranteed amounts in their bank accounts. Given the increase in borrowing and reduction in savings, the rise in re-mortgaging - often to clear credit cards ready to run them up again, not that high a proportion I would think. Probably the same people who complain of paltry credit interest on their current accounts, when most of the balance disappears the day after payday to pay all the standing orders and direct debits.

What is needed is some sense of proportion or the continued collapse of the financial system and the economy will become a self-fulfilling prophecy.

Given the more cautious French attitude to debt, I do not know but I would not have thought that the position here was as perilous.

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[quote user="Logan"]There is an awful lot of unjustified panic around at the moment. This loss of confidence is financial institutions in my opinion is completely daft. Ask yourself has any bank depositor lost a single penny? Even with Northern Rock when Brown/Darling dithered for weeks nobody lost anything and nobody is going to lose anything. French Financial institutions are completely sound.[/quote]

The problem is if the Bank don't answer the phone and don't respond to email or fax is the panic unjustified [blink]

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Given the more cautious French attitude to debt, I do not know but I would not have thought that the position here was as perilous.

In the early 1990s, Credit Lyonnais, the largest bank in France, lent loads of money it did not have ... and the result? Well, its remains are now part of Credit Agricole. I don't think the present situation has anything to do with domestic attitudes to debt but with the fact that banks have lost confidence in each other.

STOP PRESS: The latest is that a handful of Icelandic businessmen may have made the country of Iceland bankrupt.

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