The European Union expects Greece to be granted the next 12-billion-euro tranche of aid from the EC-ECB-IMF "troika" in July, a European Commission spokesman for EU Commissioner Olli Rehn said on Wednesday.

According to a Reuters dispatch, when asked if the Commission still expected Greece to receive the bailout funding next month, spokesman Amadeu Altafaj told reporters that "yes, we do."

French banks in firing line over Greek crisis

Credit ratings agency Moody's says it may downgrade its ratings of France's three largest banks over their exposure to debt-ridden Greece.

Moody's said on Wednesday that BNP Paribas SA and Credit Agricole SA face a one-notch downgrade, while Societe Generale SA could see a two-notch decline through their holdings of Greek government bonds or through their local banking subsidiaries.

Earlier this month Moody's downgraded Greece by three notches from a B1 rating to Caa1 with a negative outlook, citing increased risk that the financially stricken country will be unable to handle its debt problems without an eventual restructuring - paying creditors less than the full amount, or later than originally planned.