UK banks under threat from £12bn exposure to Greece

Anna Fedorova
clock

UK banks have around £12bn tied up in Greece, sparking fears they may face losses if the nation's banks default following the latest election results.

Figures from the Bank of International Settlements show UK banks have lent £8.9bn to Greek banks, customers and businesses, the Daily Mail reports. But another report from Swiss watchdog said they may have a further £3.1bn tied in with Greek lenders, including overdrafts and credit cards which have so far not been used. Fears over the UK financial industry's exposure to Greece follow the win of the left-wing Syriza party in the Greek election on Sunday, which throws into question the future of the eurozone economy and its bailout package. The winning party is looking to write off h...

To continue reading this article...

Join Investment Week

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Europe

Trustpilot