Yesterday’s Fitch credit rating downgrade of Greece’s four largest banks came at a horrible time according to STRATFOR. That’s because it’s happening right before the European Central Bank rolls back bank-support measures implemented during the financial crisis.
The Greek banks could barely stand on their own two feet before downgrade, since they were being kept alive by the ECB support shown above. With lower credit ratings and further deposit base deterioration they are even less likely to be viable on their own.
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