Bloomberg: Grexit Threatens Bulgarian, Romanian Banking Industries
Bulgaria is among the countries with highest fiscal risk in the light of a possible Grexit scenario according to a Bloomberg report.
According to fiscal information, Bulgaria’s EUR 1.49 B notes that are due in 2024 fell the most since they were issued back in 2014. Romania comes in second with a possible high drop. The main reason is that 28% of registered total assets in Bulgaria are owned by Greek lenders. In Romania, the number remains slightly lower – 12%.
Meanwhile, Polish, Hungarian and Russian currencies have reportedly lost at least 1% as compared to the corresponding levels of the US dollar.
The situation could be further aggravated because of the fact that a number of Bulgarian banks are owned by Greek establishments. United Bulgarian Bank comes in first in the list with 99.99% owned by the National Bank of Greece. Additionally, Greek Alpha Bank and Piraeus Bank continue operating in the country. The situation is similar in Romania.
The full article is accessible here.
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