Piraeus Bank SA

The credit institutions that are considered systemically important and the safety reserve that each of them must have for 2025 has been determined by a decision of the Bank of Greece.

Greece will shut its banks Monday to avert a financial collapse after the European Central Bank froze emergency loans to the nation?s lenders.

Piraeus Bank SA Chief Executive Officer Anthimos Thomopoulos disclosed the decision to reporters after a meeting of the government?s financial-stability panel on Sunday.

By Christos Ziotis, Jenny Paris & Theophilos Argitis

Some Greek banks were beginning to limit cash transactions as hundreds of people lined up outside branches and drained cash machines after Prime Minister Alexis Tsipras called a referendum that could decide his country?s fate in the euro.

By Selcuk Gokoluk & Katie Linsell

Indicators of credit risk tumbled across the euro area after a new Greek financial proposal spurred speculation the country may avoid a default.

By Yalman Onaran

Greek banks, which received two capital infusions in the past two years, may need a third one as a recession drives up losses from bad loans.

By Eleni Chrepa and Nikos Chrysoloras

Forthnet SA, Greece?s largest pay-TV provider, is speeding up talks with creditors on refinancing, its chief executive officer said.

Greek bank bonds fell to records as the European Central Bank was said to be studying measures to rein in funding to the country?s lenders.

Fitch Ratings downgraded four Greek banks' long-term issuer default ratings (IDR) to 'CCC' from 'B-' on Wednesday, following the downgrade of the country's sovereign rating last week.

The downgrade reflected Greece's weaker economic prospects, which put the banks' asset quality and solvency at further material risk, the ratings agency said.

By Inyoung Hwang

European stocks declined after a five-week rally as concern resurfaced over Greece and the timing of an interest-rate increase in the U.S.

By Elisa Martinuzzi & Stefania Spezzati

Greek banks fell in Athens trading after talks among euro-area finance ministers on extending the nation?s bailout ended abruptly, raising concern lenders may need to introduce controls to avert capital flight.