Fitch downgrades Greek banks

Fitch Ratings piled on the recent bad news for the Greek economy this week by downgrading Greece's systemic banks, including the market leader National Bank of Greece.

The move comes after a March 27 decision by the same ratings company to downgrade the country's sovereign rating.

Despite the negative development, NBG's stocked shot up by 5.69 percent at the Athens Stock Exchange.

According to the NYC-based credit ratings firm, the downgrade reflects the battered economy in the east Mediterranean country.

Fitch Ratings further said that the downgrade was in fact a reflection of the country's crippled economy. The agency also notified that Greece's liquidity and funding pressure could cause additional deposit withdrawals.