Feb. 23 - Writedowns of Greek sovereign debt drive a slew of losses among many of Europe's leading banks.
The stream of -- -- tons into opponents and oil hit its highest -- -- -- -- this -- today's market -- A rock of Biden's report fourth quarter results this morning the combined losses from our yes Dexia Credit Agricole and -- gone into the billions. With restructuring and asset write -- to blame joining me now is the slates of electors banking correspondent. Steve let's start with our yes I'm go to two main strands to this story is a sad -- of their restructuring. Also the bonus controversy. -- its shares up 5%. Yet they might -- two billion pound -- which. Which is its full full success in view of and the losses so it's of some bad news because they had -- to -- -- the profit this year but. I think the market because it's half the Stephen Hester had in turning around obviously I think he's doing. -- actual given everything. That he had to do so they can pay him the benefit that you can get a line my unit. In another year with some of them maybe this is as bad as against yes yeah I would echo words they -- really bad a couple of years -- -- -- might -- losses. Is it through -- pat put knowing it was benefit most. You Mason Stephen -- that he's come up with some quite colorful comments and interesting comments today what did you what -- he basically said he's putting in perspective anything that he had to. -- -- -- -- -- -- -- -- In history he's shrunk the balance sheet by 700 billion pounds. And he points out that he's twice the national debt of Greece where you know everyone's been some concerns so he's just try to put some perspective on the sky into the -- -- In in getting -- back to some foolish right. Irons out and violate Dexia reported. I think eleven billion of one point five billion U at a loss that was one of the biggest of -- -- I -- history Credit Agricole as well the gloss is -- Other friends thanks indeed the eurozone banks are they in his about a state is that it's indicate. Quote I don't taking a lot of -- for -- for the great losses. And all the banks this morning of the second quarter because it. On nuclear bombs and and French law to -- bugs and hopefully they're exposed to that the eurozone economy which. He's gone -- -- capital markets activity could be pretty tough position to get state thank you very much. Well -- dot close on the eurozone economic horizon. You don't start today slashed its you know is on GDP forecast another expects a mild zero point 3% recession this year. It expects much deeper recession and Spain Italy Greece and Portugal. So the last thing these countries need is expensive oil. But that's exactly what they hop right -- the prince of the price of Brent crude futures and it'll tell you today that she's 9350. A bottle. That's an all time high inching past the previous peak in July 2008. Gemini may be able to cope with these crises but Karen it's -- goes on pierce. That's all from us but I don't join us each week they admit AG and -- we -- market -- but -- look at what's moving -- why. I'm giving you give them this is loads of.