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National Bank of Greece Creditors Offer Funds to Prevent Losses

A group of senior creditors to National Bank of Greece SA said they’ll consider recapitalizing the troubled lender to avoid incurring losses on their bonds.

“As sophisticated investors in financial institutions, our clients would consider increasing their financial commitments to NBG under appropriate circumstances,” Shearman & Sterling LLP, the law firm representing the group, wrote in a July 17 letter to international creditors including the European Central Bank and obtained by Bloomberg. “Our clients intend to ensure that their rights under all applicable laws are fully respected.”