Romania and Bulgaria are among the countries with the biggest exposure to the Greek situation, due to Greek bank investments in these markets, a Morgan Stanley analysis reads, quoted by Bloomberg.

Banks in Greeks will seek to increase local deposits faster than credit deposits. In extreme situations, banks might abstain from new credit allowance for a while, the report reads. Thus, Central and Eastern European economies with a difficult financing access might be hit by a severe credit crisis which would affect the economic recovery.

Morgan Stanley analysts note that Bulgaria, and to a lower extent, Romania, present the highest risks. Romanian National Central bank sources declared for that the central bank monitors the exposure of Greek Banks in Romania.

The most important Greek banks in Romania are National Bank of Greece, EFG Eurobank and Alpha Bank.