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Bloomberg: U.S. Banks Face Contagion Risk from Europe

November 17, 2011, 07:00 AM
Filed Under: Economy

According to a Bloomberg report, Fitch Ratings said U.S. banks face a serious risk that their creditworthiness will deteriorate if Europe’s debt crisis deepens and spreads beyond Greece, Ireland, Italy, Portugal and Spain, the five most-troubled nations.

Per the report, Fitch also stated “Unless the euro zone debt crisis is resolved in a timely and orderly manner, the broad credit outlook for the U.S. banking industry could worsen. The Bloomberg report says JPMorgan Chase & Co., Bank of America Corp., Citigroup Inc., Wells Fargo & Co., Goldman Sachs Group Inc. and Morgan Stanley had $50 billion in risk tied to these five nations on Sept. 30, 2011.

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