Guess who will pay for this bailout? That’s right. You will pay for it all.
So Europe announced its gigantic bailout last night, consisting of a fund worth nearly $1 trillion, alongside ECB quantitative easing.
Stocks are going nuts. Dow futures are up nearly 400 points.
But the real winning market is the CAC-40, the French index. It’s up 9%. That’s because French banks were among the most exposed to Greece, and now they just got their butts saved.
French banks represent over 25% of claims. That’s why the CAC-40 is up 9%.
Banks: Swiss banks represent over 20% of claims
German banks represent close to 15% of claims. Germany’s market is rallying big.
Insurance: Fortis has significant exposure to Greece, Portugal, and Italy
Joe Weisenthal and Gregory White | May. 10, 2010, 8:00 AM
More here: The Business Insider