Before revision:  The model exhibits two regimes of 'weak' and 'strong' contagion, the latter characterized by the depletion of the loss distribution at intermediate losses in favour of fatter tails. Also, in systems with strong contagion , low average correlation between nodes corresponds to larger losses.
After revision:  The model exhibits two regimes of 'weak' and 'strong' contagion, the European Global Systemically Important Banks. For a certain range of the banks' capital and of their assets volatility, our results reveal the emergence of a strong contagion regime where lower default correlation between banks corresponds to higher losses.