Advised the National Bank of Greece on State Aid Submission

Compass Lexecon experts assisted the counsel of the National Bank of Greece ("NBG") in preparing submissions to the European Commission on the respective roles played by the Greek sovereign and the Greek banks (including NBG) in causing the Greek sovereign debt crisis and the subsequent need for State aid.

We examined the extent to which NBG’s past behavior precipitated the financial crisis and, on that basis, assessed NBG’s liability in burden-sharing. In addition, we helped assess whether, in any event, measures undertaken by NBG limit the need for further burden-sharing, the main objective of which was to limit moral hazard.