"The banks are doing exactly what they should be doing," says Christian Clausen, the president of the European Banking Federation (and CEO of Nordea Bank), applauding EU lenders for dumping their risky sovereign paper. Exposure to the PIIGS "(has) come down quite dramatically," he says, backing up other anecdotal data that has banks eagerly hitting the bids whenever the ECB steps in to buy.
"The banks are doing exactly what they should be doing," says Christian Clausen, the president...
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