EFG Eurobank last week priced its first revolving credit card deal from the Karta Master Trust structure, which through structural enhancements performs much like the U.K. styled credit card master trusts. Its the first credit card deal out of Greece and also reignites activity for publicly placed credit card securitizations in non-U.K. Europe (see ASR 6/27/05).

"Karta serves as a testament to the evolving Greek credit card market that has developed in the last few years," said one analyst at Fitch Ratings. "The level of borrowing is increasing and the market is quite dynamic. Greece is catching up."

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