Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-04-20-Speech-2-302"
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"en.20100420.12.2-302"2
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"The financial crisis in Greece did not originate in the banking sector but in the public sector. Banking sector vulnerability has increased, however, due to the exposure of the banks to Greek government bonds and, more importantly, due to low economic growth prospects.
The Commission, in making its own analysis of the Greek economy and financial system, takes into consideration multiple sources of information, including the credit agencies. In this context, the Commission is carefully monitoring implementation of the additional fiscal measures announced by the Greek authorities on 3 March 2010 and adopted by the Greek Parliament on 5 March 2010, with a view to achieving the 2010 budgetary targets.
The Commission is closely monitoring developments in the Greek banking sector. Some 8% of the banks’ assets are in the form of government bonds or loans, although the government and non-performing loans arising are not expected to top eight per cent in 2010 due to the weak economy.
Furthermore, Greek banks are heavily dependent on the ECB refinancing operations for short-term funding being shut off from the international money markets. The Commission takes its responsibility to ensure macro-financial stability in the euro area and the EU as a whole. Indeed, banks in other EU countries are exposed to the Greek crisis mainly through their holdings of government debt, with France and Germany the most concerned.
While these exposures are not very large in terms of GDP, they are likely to be more significant in terms of the balance sheets of individual banks. Meanwhile, about 10% of Greek banks’ balance sheets is invested in southern and eastern Europe, implying another transmission channel."@en1
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