Standard&Poor's considers that there is at least a one-in-three chance of Greece exiting the eurozone in the coming months. The amount of intragroup funding that Crédit Agricole S.A. (CASA) provided to its Greek subsidiary, Emporiki Bank of Greece (Emporiki), had fallen to below €5 billion at end-March 2012. Moreover, the Crédit Agricole banking group's (GCA) net exposure to Greek sovereign debt, which is essentially through its insurance division, is no longer significant in our view. We expect CASA's discussions with the Greek authorities regarding Emporiki's potential access to the local Emergency Liquidity Assistance to be successful. We are affirming our 'A/A-1' long- and short-term ratings on CASA and most of its core entities. The 'a-' stand-alone credit profile
