French bank reveals exposure to Greek debt

28th April 2010, Comments 0 comments

Credit Agricole, a leading French bank, said on Wednesday it had exposure of around 850 million euros (1.12 billion dollars) to Greek government debt, mainly through its Greek subsidiary Emporiki.

"The bank's explosure to Greek sovereign risk is 850 million euros, including 600 for Emporiki," a bank spokeswoman told AFP.

Credit Agricole's share price plunged 3.41 percent to 11.05 euros on the Paris stock exchange amid concern over Greece's debt crisis.

Ratings agency Standard & Poor's on Tuesday downgraded Greece's sovereign credit rating to "junk" status, sowing panic on financial markets.

© 2010 AFP

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