"It's a F##king Bloodbath" - European Banking Stocks Collapse As UK Default Risk Spikes

Traders are frantic this morning as George Osborne's calming words have done nothing to halt the carnage. From Italian bankscrashing over 25% to British banks being halted, trading at record lows, to Deutsche Bank extending its Lehman-esque trend, as one veteran stock market trader in London said, "it's a f##king bloodbath, not even Draghi can save this one." The contagion is spreading however as UK defaul risk has spiked to 3 year highs and USD liquidty needs are surging with funding markets seeing serious distress.

It's everywhere...European Bank Stocks are down 23% in the last 2 days...

 

Italian Banks down 20-25%

 

British Banks bloodbathing....

 

Deutsche and CS are collapsing...

 

As a Lehman moment looms...

 

With Default risk soaring...


As funding markets enter serious distress....

 

But apart from that - it must be a great time to buy?