Bloomberg: Euro Falls on USD Due to Two Bulgarian Banks’ Credit Ratings

Bloomberg: Euro Falls on USD Due to Two Bulgarian Banks’ Credit Ratings
Ñíèìêà: sxc.hu Euro went down against USD after Moody’s Investors Service downgraded the perspective on two Bulgarian banks credit ratings, Bloomberg states.

Moody’s Investors Service has put under scrutiny BSK Bank and First Investment Bank, concerns are that the entering into recession Bulgarian economy could worsen the crediting portfolios of all Bulgarian banks

 Bulgaria News | 26.05.2009 11:55

For the first time since a week the Euro fall against the dollar after Moody’s Investors Service downgraded the perspectives on the credit ratings of two Bulgarian banks, reviving thus concerns over the European banking system’s stability, Bloomberg reported early this morning. Europe’s single currency lost to yen too, after a statement that German banks will blow up “like a grenade” unless they participate in the government’s bad bank plan, Britain’s Daily Telegraph quoted high level German regulator official saying. Bulgaria's DSK Bank and First Investment Bank are put under review as a measure of reaction to the stress the two banks are exposed to in result of the global financial crisis and the "increasingly shortening abilities of the central government to support banks and use debt tools for this purpose".

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