‘French banks threaten France’ Top economist warns of HUGE danger facing Macron & eurozone
FRANCE’S banking stocks have been hit amid the country’s presidential elections with markets not reacting to news of the Emmanuel Macron victory as hoped.
By SIOBHAN MCFADYEN
Express.co.uk
Mon, May 8, 2017
Analysts say Mr Macron’s Obama-like rise to popularity and subsequent celebrations could quickly turn to a hangover of Las Vegas proportions thanks to risk-on behaviour of two of the country’s top banks.
New York’s Viola Risk Advisors say opaque and risky equities and derivatives trades may be driving money to the banks but it is making them some of the most dangerous bets in Europe.
According to New York University (NYU) V-Lab, BNP Paribas is ahead of Deutsche Bank on the volatility scale with risk analysts warning that Societe General is coming in third.
And that does not bode well for Emmanuel Macron who is attempting to unify the country albeit without a party and after threatening to sue his opponents to stop them speculating about his personal finances.
Viola Risk’s David Hendler said: “The real deal is that France’s banks are the most systemic in Europe.
“French banks are threatening the French economy and certainly more than German banks threaten the German economy.
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