Credit Agricole prepares for worst on Greece

Page last updated at 04:34 GMT, Friday, May 11, 2012 - 09:34 EST

Reuters:

French bank Credit Agricole is preparing for all possible outcomes to the crisis in Greece, including its exit from the euro zone, after $1.2 billion of charges at its business there led to a plunge in quarterly profit.

Banks across Europe have been slashing the value of assets in Greece following an international deal to reduce its debts, but fear there could be more to come as the country wavers over implementing the austerity drive demanded by its rescuers.

Credit Agricole chief executive Jean-Paul Chifflet said on Friday the bank had teams working to prepare for outcomes including a possible Greek exit from the euro zone, even if it still regarded that as a less probable scenario.

"We have been working for several quarters on this concern and have formed a close-knit team to examine it," he said, while declining to give further details.

Read the whole story: Reuters