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With a 9% decline this week, it wasn't pretty for the European banking sector. Based on the Bloomberg Index of European banks and financial services stocks, the sector is down 25% in less than a month and has now given up 70% of its gains off the March 2009 lows.

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Last week, regulators in Europe tried to stem the bleeding in the sector by suggesting a ban on short selling of stocks in the sector. A lot of good that did. After a brief rally following the news, European banks resumed their downtrend and closed out the week at a new low.

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Source: A Rough Week for European Banks