Greek banks need 14.4 billion euro to get on track, says ECB

Published: Saturday 31st October 2015 by The News Editor

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Greece’s battered banks need 14.4 billion euro (£10.2 billion) in fresh money to get back on their feet and resume normal business, the European Central Bank said.

The figure is the result of an ECB review of Greece’s four main banks, which must now submit plans to raise the money to boost their capital buffers against losses.

That could come from investors, sacrifices by lenders or from the 86 billion euro (£61 billion) bailout from other eurozone governments.

The hole the ECB found is smaller than originally feared. The bailout provided for up to 25 billion euro (£17.8 billion) to fix the banks.

Greece is racing to bail out the banks before the end of the year, when new European rules take effect.

Published: Saturday 31st October 2015 by The News Editor

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