The bankers are trying to coax Moody’s and S&P

The four large banks have undertaken a coordinated attempt to contact the rating agencies in light of the new downgrade. The analysts of National Bank, Eurobank, Alpha Bank and Piraeus Bank - Pavlos Mylonas, Gikas Hardouvelis, Mihalis Masourakis and Ilias Lekkos respectively - are already in London.

The four executives will contact the relevant watchdogs from Moody’s and S&P, and via teleconference their colleagues in New York, in the weekend and on Monday.  

The contact program entails presentations of the prospects of our economyand the progress in the fiscal adjustment program, aiming at the best potential improvement and the creation of a positive climate for Greece.

Detailed presentations will also take place on the banking system in total and each bank separately, emphasizing the ability of the banks to demonstrate endurance and their capacity to fortify their balance sheets.

The Greek economists will support that the Greek banks are affected by the ficsal crisis unlike the rest of Europe, and are unable to return to the markets due to the downgrade and not because of the weakness of the banking system.

This attempt follows the recent communication between Finance minister Giorgos Papakonstantinou and Fitch just before the international agency moved to an ultimately mild downgrade.

The contacts are not expected to be easy; however, the Greek side is hoping that the detailed presentations will be will be able to persuade Moddy’s and S&P about the veracity of the information and the will of the Greek banks to support the quickest possible return to the markets by every possible means .