Correction: Greek banks
June 21st, 2011 | by Kenneth Jones |Our article on Greek banks (June 18th) said that Standard & Poor’s now rated Greece at the lowest notch above default; in fact it is four notches above. We also said that rescheduling would lead to impairments on sovereign debt held by banks: that is not necessarily the case if the principal or interest rate on debt in the banking book stays the same. Sorry.
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Tags: Banks, Greek Banks