Bank Shares Tumble On Greek Exposure
Published / Last Updated on 25/07/2011
Bank Shares Tumble On Greek Exposure.
Moody’s have downgraded Greece’s sovereign debt from Caa1 to Ca as they believe that a Greek default is inevitable. Moody's have also warned that with the combination of announced EU support programme and debt exchange proposals by major financial institutions, may private creditors are likely to face substantial losses.