Worries over the deepening debt crisis fueled safehaven bidding at Monday's auctions of ultra short-dated U.S. government securities, driving their three-month rate close to zero. Investors essentially gave the United States a near interest-free loan for three months on fears about a Greek default and its repercussions on French banks and the rest of the euro zone banking system. Shares of top French banks tumbled by more than 10 percent on worries about an imminent downgrade by credit ratings agency Moody's, due largely to their exposure to Greek bonds. The stock market is sinking. Bank stocks are getting hammered. People are parking their money in bills.
