BNPP ups Greek writedown to 60%, sells others at a loss

04 Nov 2011

BNP Paribas has slashed its peripheral European sovereign exposures over the last four months — but at a big cost. Reporting third quarter results on Thursday, the French bank said that it had cut peripheral exposures by €10.6bn excluding a new provision of €2.2bn relating to Greek debt. But its sell-offs lost it €812m.

The bank announced the further writedown of its Greek sovereign bond exposures to bring it into line with the proposals put forward in the European Union’s Grand Plan agreed in Brussels last week. Revealing the new haircut, the bank said it had now written down its Greek holdings ...

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