Following the completion of the restructuring and recapitalization of the domestic banking sector in Greece, we have reviewed our ratings on Greek banks. We expect the Hellenic Financial Stability Fund (HFSF) and the European Central Bank to continue providing extraordinary capital and liquidity support to National Bank of Greece (NBG). We are therefore affirming our 'CCC/C' long- and short-term counterparty credit ratings on NBG. The negative outlook reflects the possibility that we could lower the ratings on NBG if we do not consider external support to be sufficient to maintain adequate liquidity or solvency, particularly if we anticipate that this would cause the bank to default on its obligations. MILAN (Standard&Poor's) July 31, 2013--Standard&Poor's Ratings Services
