Home > Global news > UK Banks Abandon Eurozone over Greek Default Fears

UK Banks Abandon Eurozone over Greek Default Fears

Sunday, 19 June 2011 10:07

‘Senior sources have revealed that leading banks, including Barclays and Standard Chartered, have radically reduced the amount of unsecured lending they are prepared to make available to eurozone banks, raising the prospect of a new credit crunch for the European banking system.

Standard Chartered is understood to have withdrawn tens of billions of pounds from the eurozone inter-bank lending market in recent months and cut its overall exposure by two-thirds in the past few weeks as it has become increasingly worried about the finances of other European banks.’

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