香港上海汇丰银行有限公司 汇丰银行


　　We believe that proposed regulatory changes will have the unintended effect of making thefinancial system more pro-cyclical and unstableWe expect bank deleveraging will deepen the European downturn at a time of austerityNo bank is unscathed, but there is a difference between the best and the stressed. Dispersion islikely to increase as the sector divergesIn this report we consider what a eurozone break-up would mean for bank bonds and give ourtop recommendations