S&P: Wider Greek danger

The run on Greece’s lenders could have serious economic effects on neighbouring countries too, Standard & Poor’s has warned.

The ratings agency yesterday said that Greek banks have significant operations in Bulgaria, Macedonia, Albania, Romania and Serbia, and any blow to the Athens-owned lenders could knock the economies of the wider region.

In a credit briefing, S&P reveals that Greek banks have market shares of 15% of the banking systems in Romania and Serbia and hold more than 20% shares in Bulgaria and Macedonia.