Greek debt rollover plan hits French bank shares

European equity markets were lower by early afternoon on Monday, after French banks fell on the announcement they would roll over their holdings in Greek debt.

French banks, which have among the highest exposures to the Greek debt markets, said they would reinvest in Greek bonds with longer maturities, a plan that has been submitted to Greece’s other creditors.

BNP Paribas fell 1.4 per cent to €49.48, while Crédit Agricole shed 1.2 per cent to €9.55 and Société Générale lost 1 per cent to €37.39. Commerzbank, which is the most exposed of the German lenders, fell 4.7 per cent to €2.76

The pan-European FTSE Eurofirst 300 index slipped 0.1 per cent to 1,072.19, having spent most of the morning a little higher.

Read Full Article from Financial Times

- Posted: 2011-06-27 09:52:21

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