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| Version 1 | Version 2 |
|---|---|
| Retailer Carrefour to sell stake in Greek joint venture | Retailer Carrefour to sell stake in Greek joint venture |
| (40 minutes later) | |
| Carrefour, the French retail chain, is selling its stake in its Greek joint venture owing to fears about Greece's deteriorating economic situation. | Carrefour, the French retail chain, is selling its stake in its Greek joint venture owing to fears about Greece's deteriorating economic situation. |
| It is selling to partner Marinopoulos, and will take a financial charge of about 220m euros (£179m; $278m) on the deal. | It is selling to partner Marinopoulos, and will take a financial charge of about 220m euros (£179m; $278m) on the deal. |
| In a statement, the company said the move was in response to "challenges posed by the Greek economic context". | In a statement, the company said the move was in response to "challenges posed by the Greek economic context". |
| Carrefour's shares rose 1.68% following the announcement. | Carrefour's shares rose 1.68% following the announcement. |
| The Greek economy contracted 6.5% in the first quarter of 2012, whereas Carrefour's group-wide sales rose 0.9% to 22.5bn euros over the same period. | The Greek economy contracted 6.5% in the first quarter of 2012, whereas Carrefour's group-wide sales rose 0.9% to 22.5bn euros over the same period. |
| On Thursday, it announced that it had bought EKI, the struggling Argentine retail chain. | |
| Heavy losses | Heavy losses |
| Meanwhile, in further signs of nervousness about the Greek economic situation, French bank Credit Agricole has taken control of assets owned by its Greek subsidiary, Emporiki Bank. | Meanwhile, in further signs of nervousness about the Greek economic situation, French bank Credit Agricole has taken control of assets owned by its Greek subsidiary, Emporiki Bank. |
| It has taken over Emporiki's assets in Albania, Bulgaria and Romania, leading to speculation that it is preparing a full exit from the country if Greece leaves the euro. | It has taken over Emporiki's assets in Albania, Bulgaria and Romania, leading to speculation that it is preparing a full exit from the country if Greece leaves the euro. |
| Emporiki has suffered heavy losses ever since Credit Agricole bought the Greek lender in 2006. | Emporiki has suffered heavy losses ever since Credit Agricole bought the Greek lender in 2006. |
| In June, ratings agency Moody's downgraded Emporiki to just one notch above default status. | In June, ratings agency Moody's downgraded Emporiki to just one notch above default status. |