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£14.5bn bailout for Greek banks

Greece's four biggest commercial banks are to receive an 18 billion euros (£14.5 billion) cash injection from the European bailout fund.

The recapitalisation comes amid political uncertainty in the debt-stricken country after inconclusive elections on May 6 saw a rise in support for anti-bailout parties and cast doubt over Greece's future involvement in the single currency.

The uncertainty has impacted bank deposits as people have been withdrawing their money to hedge against the country's possible return to its old devalued currency, the drachma.

The European Financial Stability Facility (EFSF) money will be disbursed to the National Bank of Greece, Eurobank, Alpha Bank and Bank of Piraeus.

Meanwhile, pharmacies across Greece are staging a day-long strike in protest at unpaid fees from the largest healthcare provider.

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From Belfast Telegraph