Bank for International Settlements BIS: Cross-border bank credit grew by 1 percent in the year ended September in the euro area, the first increase since the last quarter of 2008, according to statistics released on Saturday by the Bank for International Settlements BIS , according to Euro News. The so-called balkanisation of the euro zone banking system in the wake of the region s debt crisis has exacerbated problems in southern Europe, leaving businesses starved of credit and making governments increasingly reliant on their own banks to buy their bonds and Reuters Cross-border lending is growing in the euro zone for the first time since the bloc s financial crisis prompted banks to retreat from highly indebted countries such as Spain, Greece, Ireland and Italy. The overall increase masks big differences on a country by country basis with cross-border loans to France and Italy growing by 9 percent and 4 percent respectively while cross-border lending to Spain and Germany contracted by almost 6 percent and 4 percent.
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