European banks in bonds plea

Europe’s banks made a desperate appeal for the European Central Bank on the 7 May 2010 to buy the bonds of crisis-hit eurozone members, as a second day of turmoil in markets battered share prices around the globe.

Fears that a debt default by Greece could paralyse the world’s financial system – just as the collapse of Lehman Brothers did in 2008 – sparked another wave of heavy selling in Asian, European and US stock markets.

Worried bankers from 47 European groups urged the ECB to become a 'buyer of last resort' of eurozone government bonds to steady markets.

ESO: Background information: The Greek debt crisis of 2010 http://www.europeansources.info/record/the-greek-debt-crisis-key-sources/

ESO: Background information: Gloom across Europe as crisis shadow intensifies http://www.europeansources.info/record/gloom-across-europe-as-crisis-shadow-intensifies/

BBC News, 7.5.10: Global shares fall on Greece debt worries http://news.bbc.co.uk/1/hi/business/8666545.stm

---