Europe proves too risky for Shell

Shell's decision to pull funds out of Europe serves to further erode confidence in the region's battered banks at a time when financial scandals are erupting on both sides of the Atlantic.

Confidence in the European banking system has been battered by the frank admission of the giant Anglo-Dutch oil company, Shell, that it is pulling funds out of the region because of the risks associated with the eurozone’s debt crisis.

"There's been a shift in our willingness to take credit risk in Europe. The crisis has impacted our willingness to afford credit," Shell’s chief financial officer, Simon Henry told the Times.

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