Thursday, 6 May 2010

Moody's warns of Greek debt crisis creating new UK credit crunch

UK bank shares fall after Moody's credit-rating agency warns of risk from sovereign debt downgrade

Fears that Greece's sovereign debt crisis could spill into the banking sector and prompt another credit crunch hammered bank share prices today amid warnings that Britain's banks remain "vulnerable".

Shares in the major banks dominated the top 10 fallers in the FTSE 100, led by Barclays, which ended 6% lower at 301p. The falls wiped out any lingering hopes that a new government would be able to point to gains on the taxpayers' stakes in Lloyds Banking Group and Royal Bank of Scotland, which plunged through their break-even levels. more...


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