Belfast Telegraph

UK Website Of The Year

Home News World

Eurozone bailout fund releases money for ailing Greek bank

Published 01/12/2015

The release of the remaining fund for the banks
The release of the remaining fund for the banks "will be decided on a case by case basis"

Europe's eurozone bailout institution has approved a 2.72 billion euro (£1.91 billion) disbursement to recapitalise Greece's ailing Piraeus Bank.

The amount is part of 10 billion euro (£7 billion) set aside for Greek banks under the country's third international bailout, which was agreed on this year.

The fund, called European Stability Mechanism (ESM), said that Piraeus had covered about 2.2 billion euro (£1.54 billion) of a 4.93 billion euro (£3.46 billion) shortfall identified during recent stress tests on Greek banks, and that the stability mechanism would provide the remaining amount.

ESM head Klaus Regling said Greece had "cleared an important hurdle by securing sufficient interest for the recapitalisation among private investors."

The ESM said the release of the remaining 7.28 billion euro (£5.11 billion) for the banks "will be decided on a case by case basis."

Your Comments

COMMENT RULES: Comments that are judged to be defamatory, abusive or in bad taste are not acceptable and contributors who consistently fall below certain criteria will be permanently blacklisted. The moderator will not enter into debate with individual contributors and the moderator’s decision is final. It is Belfast Telegraph policy to close comments on court cases, tribunals and active legal investigations. We may also close comments on articles which are being targeted for abuse. Problems with commenting?

Read More

From Belfast Telegraph