BANKRUPT BANKER
BBC News - Markets hit by Greek debt fears: "European financial markets have been hit by renewed fears over the state of Greece's debt-ridden economy.
Banking stocks in Greece and other European countries have seen sharp falls.
Meanwhile on the bond markets, the Greek government's cost of borrowing has risen to record levels.
That reflects investors' concerns that loans to Greece might not be paid back to due to poor state of the country's public finances.
Greece is currently faced with debts of nearly 300bn euros (£267bn, $407bn), and is currently running a budget deficit equivalent of 12.7% of GDP.
Its recovery plan involves borrowing on the bond markets and a harsh programme of spending cuts and higher taxes.
But on Thursday the interest rate demanded by investors on Greek government bonds hit a new high compared with German debt - which has the lowest rate in the Eurozone"
