Greece's problems are shaking financial markets again, as aresult of pressure from Standard&Poor's rating agency.Romania's Central Bank Governor Mugur Isarescu says Greek-heldbanks are well capitalised and have no cash-flow problems.
The seven banks with Greek shareholders in Romania are very wellcapitalised and have no cash flow problems, NBR Governor MugurIsarescu said yesterday after the downgrading of Greece's sovereignrating into junk territory by the US-based Standard& Poor's(S&P) agency sent a shockwave through international financialmarkets, also felt in Bucharest.
"There is risk aversion, there is also concern, but there is noreason to exaggerate. External influences cannot be denied and I donot deny them either. We are living in a globalised world, weopened our capital accounts and there will definitely be someinfluences," Isarescu said, urging calm and dismissing assessmentsof Greece as exaggerations.
Greek banks own 17% of the banking assets in Romania, that isalmost 14 billion euros, with Alpha and Bancpost (EFG Eurobanksubsidiary) among the top ten players.
S&P's decision made investors extremely nervous, the yieldof two-year Greek bonds jumped to 30% a year, from 13% two daysago, while stock markets across Europe witnessed declines by asmuch as 4% on Tuesday night and early yesterday.
On Bucharest's interbank market, the euro rose from 4.13 RON to4.15 RON yesterday, stopped only by the sales of foreign currencymost likely conducted by the National Bank, dealers say.
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