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Earlier today, Fitch cut Greece’s sovereign debt rating by two notches, to BBB-. This put the country’s banks under further pressure, following a torrid Thursday.
An article on this blog’s parent site investigates the implications for Greek banks. Further cuts to the sovereign’s rating would bring great hardship on the lenders, which rely heavily on pledging government bonds as collateral in return for cheap funding from the European Central Bank.
Read more at Financial Services Briefing: “Refinancing reprieve?” (April 9th)