Greece's financial crisis shakes bank shares

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"The market is worried about the recession and its impact on bank incomes and loan portfolios," said analyst Nikos Galousis at Kappa Securities. "Next week's earnings results may provide a first taste of the poor outlook this year."

The Athens bourse's banking index was down 3.96% at 1,612.52 this morning, with bellwether National Bank losing 4.16% and Alpha Bank shedding 3.74%.

Greece's economy is projected to contract by 4% this year as it struggles under the weight of austerity measures and the need to repay debts.