4 Greek banks to get US$23b capital injection
Source: Agencies |
May 24, 2012, Thursday
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Print Edition
Print Edition
FOUR of Greece's leading banks are to get a 18-billion-euro (US$23 billion) capital injection to replenish reserves which were hit by the country's massive debt restructuring deal.
The country's Financial Stability Fund yesterday said it had approved the funds' release to banks.
The 18 billion euros will be split between the National Bank of Greece, Eurobank, Alpha Bank and Bank of Piraeus as part of a 50-billion-euro recapitalization plan to boost their liquidity levels and keep them in business.
That recapitalization plan is a key element of the second 130-billion-euro bailout deal that Greece had negotiated with the European Union and the International Monetary Fund to stay solvent.
The country's Financial Stability Fund yesterday said it had approved the funds' release to banks.
The 18 billion euros will be split between the National Bank of Greece, Eurobank, Alpha Bank and Bank of Piraeus as part of a 50-billion-euro recapitalization plan to boost their liquidity levels and keep them in business.
That recapitalization plan is a key element of the second 130-billion-euro bailout deal that Greece had negotiated with the European Union and the International Monetary Fund to stay solvent.
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