Unlike the downgrade of the U.S., a rating cut for EU sovereigns might actually mean something...
Unlike the downgrade of the U.S., a rating cut for EU sovereigns might actually mean something as European banks are far larger (assets as a % of GDP) and far more intertwined with governments than their American cousins, points out Mark Grant. Lower sovereign ratings are then almost certain to increase already high bank funding costs.
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iShares MSCI Europe Financials Sector Index Fund (EUFN) Ex-Dividend Date Scheduled for December 17, 2014at Nasdaq.com (Dec 16, 2014)
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