SocGen are taking substantial write downs on their Greek sovereign debt holdings in Q2; a little under 20% on 2.6bn euro of holdings, taking out 30%+ of their net profits for the quarter.
I would just like to say I told you so and I wonder what other non-marked-to-market skeletons linger in the SocGen closet. This isn't investment advice, but I wouldn't touch SocGen with a faeces-stained stick. Thank goodness that Berlusconi is making a reassuring statement on the Italian banks, I don't know what we'd do without him.
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