European Banks Crash To Worst 2-Day Loss Ever As Default Risk Soars

So much for George "Panic-Monger" Osborne's calming statement this morning, European banks have collapsed this morning to close down between 20% and 30% since the Brexity vote. The last 2 days plunge in EU banks (down 23%) is the largest in history (double the size of Lehman) and pushes European bank equity market cap to its lowest (in USD terms) ever.

Worst.Drop.Ever...

 

UK and European banks have collapsed...

 

And bank risk is soaring...

 

As EU bank market cap (in USD) hita record low...

 

Charts: Bloomberg