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Video / 03 July 2014 at 10:08 GMT

Garnry: 'Horrible' time for European banks

Peter Garnry
It's been a terrible week for BNP Paribas, hit by a record fine of almost USD nine billion after being found guilty of evading US sanctions on Iran, Sudan and other countries. The French bank also faces a one year ban on USD transactions. 
BNP Paribas is not the only European bank facing possible action from US prosecutors and the size of the fine sends a chilling warning to the entire European banking sector. 
Among the household names facing possible action are: Societe Generale, Credit Agricole and Deutsche Bank. 
Saxo Bank's Head of Equity Strategy, Peter Garnry, says this has been a "horrible time" for European banks, while at the same time he maintains a positive outlook for the banks involved. 
fxtime fxtime
It is (the fines) becoming a profitable business for the USA..easier than taxing the populace and the returns are higher ! Should economies become more reliant on the euro or Yen or Remimbi then USA fiscal sanctions (and subsequent litigation) lose their bite/efficacy imho


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