Euro Under Assault as Austrian Banks Crumble

Euro was under relentless assault in early morning European trade today, after reports on the website http://www.benzinga.com suggested that Austria may be the latest trouble spot for the credit crisis spreading throughout the region. The Austrian regulators have already nationalized Carinthian Hypo Alpe Adria Bank AG and speculation is mounting that Austria’s fourth largest bank Oesterreichische Volksbanken AG (OeVAG) may be the next to be rescued.