Moody's downgrades credit rating of National Bank of Greece   2010-04-23 21:38:37 FeedbackPrintRSS

ATHENS, April 23 (Xinhua) -- International rating agency Moody's on Friday lowered the credit rating of the National Bank of Greece to A3/P2 from A2/P1 with a negative outlook.

The rating agency also warned of the possible downgrading of other five Greek banks.

Meanwhile, the long-term debt and deposit ratings of NBG, the highest rated Greek bank, remain on review.

Moody's announcement came as Athens requested activation of the EU-IMF safety net for financial support of the Greek economy.

The agency said Eurobank, Alpha Bank, Emporiki, Piraeus Bank and Agrotiki Bank face similar declines of their credit ratings.

Moody's on Thursday downgraded the Greek government's sovereign debt ratings from A2 to A3, with a negative outlook.


EU sees no obstacle of fulfilling aid package to Greece

BRUSSELS, April 23 (Xinhua) -- The European Commission said on Friday that it anticipated no obstacles in activating the formerly agreed aid package to Greece now the country has asked for the assistance.

The aid package was agreed on by eurozone countries and it will be activated according to the planned sequence of steps, said a spokesman for the European Union's Economic and Monetary Affairs Commissioner Olli Rehn.  Full story

Greece formally requests activation of EU-IMF safety net

ATHENS, April 23 (Xinhua) -- Finance Minister George Papaconstantinou on Friday formally requested activation of the European Union-International Monetary Fund support mechanism to pull Greece out of its severe economic and debt crisis.

Papaconstantinou sent a request letter to the EU Commission, the Eurogroup and the European Central Bank shortly after Prime Minister George Papandreou announced the government's decision to resort to the rescue solution instead of continuing to borrow from international markets.  Full story

Editor: Xiong Tong
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