As a result, a sharp widening of spreads, rating downgrades of Greek debt, and stresses in the Greek banking system followed. By mid-April, it was clear that Greek financial institutions and the Greek government were rapidly losing access to market financing, just as sizable redemptions on the government’s debt were looming.
The OCC received nearly 1,500 comment letters in response to the ANPR, and we have been reading those letters with great interest.