Financial Times
June 15, 2011
The euro came under renewed pressure on Wednesday as concerns over Greek government finances intensified.
The single currency suffered after rating agency Moody’s warned it could downgrade three French banks.
Moody’s said it would review the ratings of BNP Paribas, France’s largest bank, and peers Société Générale and Crédit Agricole, focusing on their holdings of Greek public and private debt.
The move came amid continued wrangling between eurozone finance minister and central bankers over who should bear the cost of a fresh rescue package for debt stricken Athens.
Analysts said while the political standoff on the second Greek bail-out deal continued, the risk of a vicious spiral of eurozone sovereign and bank credit downgrades was intensifying.
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