UK banks under threat from £12bn exposure to Greece

Anna Fedorova

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...

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