<blockquote>“A hypothetical 50 percent haircut of Greek sovereign exposure would not result in such a depletion of banks’ capitalization that a rating action would automatically be triggered, even for the more exposed banks,” Fitch said. “These either have strong owners, sufficient profitability or capital able to absorb potential losses without a structural impact on their business model, funding or franchise.”
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Greek Risks Are ‘Manageable’ for German Lenders, Fitch Says, 2011-05-25</blockquote>
Context<blockquote>
(Public Debt towards 5% of GDP) - 'The trajectory of the declining deficit and financing requirement..´'..the Baltic nations .. a harsh austerity..' - '..the process of entrepreneurial creativity..' - '..the subjectivist revolution..’</blockquote>