Greek bank loses on bond move

National Bank of Greece, the country’s largest lender, made a big first-half loss on government debt writedowns and said it would not rush into big strategic moves. NBG lost €1.31bn from its planned participation in a voluntary swap of Greek government bonds, aimed at relieving the country’s debt burden. Excluding this provision, net first-half earnings would have reached €29m, down 80 per cent year-on-year.