BNP Paribas earnings slump on Greek debt
BNP Paribas suffered a 50 percent earnings slump in the fourth quarter as Europe's financial crisis intensified last autumn and slashed the value of its holdings of Greek government bonds.
(AP) French bank BNP Paribas suffered a 50 percent earnings slump in the fourth quarter as Europe's financial crisis intensified last autumn and slashed the value of its holdings of Greek government bonds.
The Paris bank, one of Europe's largest financial institutions, said in a statement Wednesday it suffered a €567 million hit to its bottom line after accounting for expected losses on its Greek bonds in line with a European agreement that aims to cut Greece's debt burden and finally halt the crisis.
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