This yiwu agent week, shortly after European leaders formally conceded that Greece could not pay its debts and forced banks to accept losses, the shock waves reached Italy, the third-largest economy in the euro zone after France and Germany. And despite frantic efforts by politicians to contain the damage, market analysts yiwu market said that France, one of the strongest countries in the euro zone, bamboo flooring may soon feel the impact. "When people started buying more European sovereign debt, there was not a cloud in the sky," said Yannis Stournaras, director of the Foundation for Economic and Industrial Research, based in Athens. Now, he said, "This crisis is going to last because the perceptions of risk have changed dramatically." Yiwu Arts & Crafts European banks face tens and possibly hundreds of billions of dollars in losses on loans yiwu to nations that use the euro. Worried about even greater losses if the crisis worsens, the banks have been Rubber Flooring for Meeting Room scrambling to reduce their holdings of an investment that, like triple-A-rated subprime mortgage bonds, was once thought to be bulletproof. The French bank for instance, this week marked down 333 million euros of its Greek sovereign debt holdings and in October slashed its exposure to that country to 575 million euros, from 2.4 billion euros shoes wholesale at the beginning of 2011. Another French bank, has cut its holdings of Italian government debt 40 percent since July, to 12.2 billion New Oasis Acacia Solid Flooring euros. How European sovereign debt became the new subprime is a story with many culprits, including governments that borrowed beyond their means, regulators who permitted banks Yiwu Jewelry to treat the bonds as risk-free and investors who for too long did not make much of a distinction between the bonds of troubled economies like Greece and Italy and those issued by the rock-solid Germany. Banks dollar items had further incentive to overlook the perils of individual euro zone countries because of the fees they earned for underwriting sovereign debt sold to other investors. Since 2005, several dozen banks in Europe and china wholesale the United States have earned $1.1 billion in fees Classic DeckingWood Fiber rom selling bonds for European governments, according to Thomson Reuters and Freeman Consulting Services.