Credit Agricole considers abandoning Greek bank
6/13/12 4:31 PM ET (MarketWatch)Print
SAN FRANCISCO (MarketWatch) -- Credit Agricole SA is already making plans to cut its stake in or abandon its Emporiki Bank unit should Greece exit the euro zone, The Wall Street Journal reported Wednesday, citing a source close to the plans. Voters in Greece go to the polls June 17 after earlier elections failed to establish a unity government. Should Greece exit the euro zone, Credit Agricole would either consolidate Emporiki into a larger conglomerate of Greek banks and dilute its stake to 10% or let the bank fail altogether, according to the Journal. Earlier in June, Moody's cut its rating on Emporiki to Caa2 from B3.