Moody's downgrades eight Greek banks

Moodys have downgraded eight Greek banks by two notches.

The ratings agency downgraded National Bank of Greece, EFG Eurobank Ergasias, Alpha Bank, Piraeus Bank, Agricultural Bank of Greece and Attica Bank to CAA2 from B3.

It also downgraded Emporiki Bank of Greece - which is majority owned by French bank Credit Agricole - and General Bank of Greece - majority owned by another French bank, Societe Generale - to B3 from B1.

Moody's said the bleak Greek economic outlook and massive exposure to debt had triggered the downgrades.