A possible new flashpoint in the financial markets is the condition of European banks, especially French banks. (Moody's downgraded two French banks today.) An interesting back story is the role of Christine Lagarde who was bullish about French banks as the French Minister of Economic Affairs but seems to have had a reversal as the IMF's new Managing Direstor. From DealBook.com
http://dealbook.nytimes.com/2011/09/12/i-m-f-chiefs-change-of-tune-on-bank-capital/?scp=3&sq=christine%20lagarde&st=cse
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