A Franco-Belgian bank was cited on Monday as having large amounts of exposure to debt from Greece, which is viewed as increasingly likely to default. The Aegean nation's second tranche of emergency aid has been delayed to next month, another factor possibly pushing the nation toward default and the value of the euro down.
Dexia, a Franco-Belgian bank, was revealed to be struggling as a consequence of dealing with Greece, the nation's debt and the sovereign debt crisis, according to MarketWatch. The bank's troubles serve as an example as to the damage that can be wrought by the debt scourge in Europe.
"The market is increasingly worried about the … Greek crisis and the calamity that could be created if there was a messy default." Senior currency strategist Jane Foley with Rabobank told Reuters.
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