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Crisis: Greece; liquidation of banks to cost 4-5 bln euros

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  • insubria87
    Insubria Italian American Eurocentrist (insubria87@yahoo.it) Crisis: Greece; liquidation of banks to cost 4-5 bln euros 06 December, 13:24 (ANSAmed) - ATHENS,
    Message 1 of 1 , Dec 6, 2012
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      Insubria Italian American Eurocentrist (insubria87@...) Crisis: Greece; liquidation of banks to cost 4-5 bln euros
      06 December, 13:24

      (ANSAmed) - ATHENS, DECEMBER 6 - The process of dissolution and liquidation of Greek banks that do not constitute a risk for the Greek credit system will require between 4 and 5 billion euros, the president of the Hellenic Financial Stability Fund (HFSF), Panayiotis Thomopoulos, estimated on Wednesday while speaking about the credit sector's planned concentration. These banks, as daily Kathimerini reports, will not be recapitalized, but will instead follow the recipe preferred by the Bank of Greece. i.e. their split into a "good" and a "bad" bank, as in the case of ATEbank. The healthy part will then be sold at auction, with the likely participation of the three systemic groups of National (including Eurobank), Alpha and Piraeus.

      Addressing a conference titled 'The Future of Banking in Greece,' Thomopoulos stressed the need for the immediate disbursement of 10 billion euros out of the 25 billion penciled in for the banks' recapitalization so that they reach the required level of 9% in the assets-to-loans ratio index. He went on to estimate that state-owned Hellenic Postbank will require between 3 and 4 billion euros, taking up most of the funds required for the non-systemic banks.

      http://ansamed.ansa.it/ansamed/en/news/sections/economics/2012/12/06/Crisis-Greece-liquidation-banks-cost-4-5-bln-euros_7911659.html
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