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“Four Biggest Greek Banks Downgraded”

Posted by Tom Duncan
February 24, 2010

“Fitch Ratings, citing concerns about Greek banks’ funding costs and profitability, downgraded the country’s four major banks to triple-B, or two notches above “junk” status. Fitch characterized its outlook for Greek banks as ‘negative’…

The cost of funding for the four banks in question—National Bank of Greece, Alpha Bank, Efg Eurobank Ergasias and Piraeus Bank—has gone up in recent weeks, according to a Morgan Stanley funding report and a person familiar with the matter. The price of insurance to protect against a default by Greek banks has also has increased, according to data firm Markit Group Ltd.” Read more.

“Four Biggest Greek Banks Downgraded”
Carrick Mollenkamp and Costas Paris
The Wall Street Journal, February 24, 2010.