Moody’s rating agency downgraded ratings of 8 overstrained Greek banks – National Bank of Greece, EFG Eurobank Ergasias, Alpha Bank, Piraeus Bank, Agricultural Bank of Greece and Attica Bank – by two notches from Caa2 to B3 level.

Moody’s downgraded the long-term deposit and debt ratings of all the eight Greek banks hit by acutely strained domestic economy and their exposure to Greek government bonds, which will lead to surge in their non-performing loans.

This negative ramification comes at a time Greece is suffering from crippling sovereign debt and has undertaken severe austerity measures to tackle the crisis in order to secure continued bailout relief to avoid a messy default on its loan repayment.

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