Inter-bank lending is drying up and some investors are withdrawing funds particularly from southern European banks.
They also see Britain as a counter- balance to France and the southern European countries.
Which means that banks in southern European countries will have the most capital to raise.
Thirdly, Germany actually benefited from the debt-fuelled boom in its southern European export markets.
The divergence between the stronger Northern European countries and weaker Southern European ones will continue.
Belgian lender KBC Groupe SA cut its portfolio of Southern European bonds by about half.
China debt is near the U.S., and Thailand and Malaysia are better than southern European countries.
Only citizens in the southern European trio of Greece, Italy and Portugal are more miserly.
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Any talent released from southern European leagues would likely be bought up by German and English clubs.
Advisers recall that afterwards Mrs Merkel and the troika berated him as an irresponsible southern European politician.
It also suggests that investors sell some of the banks operating in the hardest hit Southern European countries.
Another concern that we did not have in August is the state of the Southern European debt markets.
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The crisis, for a period, was confined to mainly southern European countries like Spain, Italy, Greece and Portugal.
Berlin and at least until recently some southern European cities have also been growing strongly.
That is why the choice is so stark for the southern European countries, which are tied into the single-currency zone.
The public has continually rejected austerity measures, making leaving the euro more likely than ever for the southern European nation.
And the German people may not be ready to make that kind of financial commitment to their southern European neighbours.
To survive in the eurozone these mainly southern European countries are being told to regain competitiveness by cutting wages and benefits.
The danger is that there's no room to avoid Southern European debt levels if we have another recession or an interest-rate spike.
In many sunny places, including several American states and southern European countries, it is cheaper than the peak-time retail price of electricity.
That's where you'll find everything from cold temperatures from Arctic Circle currents or Mediterranean climates in southern European spots near the African continent.
Meanwhile, the top 52 European bank stocks have collectively lost 6.38% year-to-date, weighed down by outsized drops in the shares of southern European financial institutions.
The Greek contagion is rapidly turning into a Southern European crisis.
By contrast, car sales in Europe are falling because of continuing recession in southern European nations that are battling to reduce their sovereign debt levels.
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The Finnish Prime Minister, Jyrki Katainen, put it plainly: the eurozone's crisis had created a lack of trust between the northern countries and southern European countries.
"We witness ever-increasing transfer payments to southern European countries, and we see that the problems in these countries are not being solved, but aggravated more and more, " he said.
Credit Agricole is controlled by 39 French regional banks, The company expanded rapidly before the financial crisis, including in southern European through the acquisition of France's Credit Lyonnais bank.
France and Germany look likely to bear the brunt of the bailout costs for the southern European states - and this was reflected in the performance of their equity markets.
If the experiences of Portugal and Spain are anything to go by, this southern European economy will roar along until shortly after the games and then take a big breather.
Housed in a 100-year-old adobe hacienda with a wood-beamed ceiling, the restaurant puts a Southwestern twist on Southern European dishes, such as pesto-crusted scallops with spicy polenta and wilted greens.
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