We believe that the proposed restructuring of Greek government debt may have a negative impact on Greek banks' financial profiles. Still, in our view, the proposed restructuring will likely not heighten the risk of immediate defaults by the Greek banks we rate. Consequently, we are affirming our current 'CCC' long-term and 'C' short–term counterparty credit ratings on the four Greek banks we rate. The negative outlooks on these four banks mainly reflect our view of the potential liquidity pressure arising from accelerated deposit outflows in the banks' retail funding bases and the potential for material impairments to solvency from higher-than-expected losses on Greek government bonds. MADRID (Standard&Poor's) July 29, 2011--Standard&Poor's Ratings Services today said it affirmed
