Arab banks should hedge against Greece crisis

July 18, 2015 12:44 PM

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Mubasher: The GCC banks will be indirectly impacted by Greece crisis through the damages that will reflect on major countries such as Italy, Spain and Portugal, said Adnan Yousif CEO of Al Baraka Group.

He added that the crisis will reflect on currency markets and European revenues from oil and commodities imported from Arab states, Bahrain's news agency reported.

Some Arab banks will be negatively affected by their European peers that are exposed to Greece, Yousif said.

He called upon the GCC states to hedge against Greece crisis, stating that the GCC banks should diversify their financing and investment portfolios.

The GCC will not be affected by Greece crisis, due to the weak trade exchange and few debts between GCC and Greece, Yousif said.


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