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Saturday 26th of June 2010

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May 6, 2010

UK banks at risk from Greek debt crisis

by Gill Montia

Story link: UK banks at risk from Greek debt crisis

Moody’s has warned that UK banks are at risk from the Greek debt crisis.

The credit ratings agency also names the banking systems of Portugal, Spain, Italy and Ireland as under threat.

Last week Moody’s downgraded the credit ratings of nine Greek banks in response to sovereign weakness, saying that the events of the past few weeks will leave the country’s banking system facing “heightened challenges”.

Greek banks are closed today following the deaths of three people who perished when a petrol bomb was thrown at a bank by protesters yesterday.

An IMF bailout appears to be the only hope for the Greek economy and the country’s parliament is due to vote on the terms of a rescue today, as unions call for further protests over public sector cuts.


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