Moody's lowers Greek banks

Moody's Investors Service said it downgraded the deposit and debt ratings of Emporiki Bank of Greece SA and General Bank of Greece to Caa2 from B3 with a negative outlook.

Moody's said that there is a now a heightened risk of Greece exiting the euro area.

Although there remains a substantial incentive for the Greek authorities and euro area to avoid such an outcome, the risk of a euro exit could increase further following the June 17 Greek parliamentary elections, the agency said.

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