Finally we see some semblance of normality where Sovereign banks are not allowed to pretend forever, when the music stops in musical chair one must have a chair, or be out of the game.

Finally we see some semblance of normality where Sovereign banks are not allowed to pretend forever, when the music  stops in musical chair one must have a chair, or be out of the game.

Austrian bank supervisors have instructed the country’s banks to limit future lending in their east European subsidiaries, a further sign of the potential knock-on effects of the eurozone crisis for economies around the world.

The restrictions come as Austrian officials seek to defend the country’s AAA credit rating, amid concerns that the government might have to bail out its banks because of losses in central and eastern Europe, where they are the biggest lenders, and their exposure to Italy.

The moves by Austria, which appear to be unilateral, show how even the eurozone’s strongest economies are feeling the pressure of the sovereign debt crisis.

http://youtu.be/OjXl61uKq8c

       


Yes it does make the point...