10/29/2010

Lenders from Greece, Ireland and Spain are finding it difficult to attract investors willing to purchase their bonds and therefore continue to be dependent on the European Central Bank's emergency funding. In August, Greek, Irish and Spanish banks took 51% of loans supplied by the ECB, and they increased that to 61% in September. The bonds of all banks in Ireland, Greece and Portugal are trading as though they are rated high-yield, as are bonds of many Spanish lenders, according to Bank of America.

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Bloomberg

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