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European Banks Sink on Greek Vote Bombshell
French banks and other lenders exposed to Greece and other weak euro zone countries slumped on Tuesday after Greece's leader said he would put a bailout plan to a referendum, raising the risk of a disorderly default. If Greek voters reject the unpopular bailout plan it could result in a "hard default", which could force banks to take losses of about 75 percent on their Greek sovereign bonds, trigger payouts on credit default swap insurance contracts, and raise the threat of a systemic risk, said Andrew Lim, banking analyst at Espirito Santo in London. "If we get a hard default in Greece, it will exacerbate the ... (full story)
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