Fitch cuts rating for 4 Greek banks to 'restricted default'
Fitch Ratings agency
Washington - Arab Today
Fitch cut its ratings on four major Greek banks to "restricted default" on Monday after the government ordered commercial banks closed for a week and established capital controls.
"The ratings reflect exceptionally high levels of credit risk, because of the imposition of capital controls as well as poor recovery prospects in the event of the default on senior debt obligations," Fitch said.
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