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European Commission VP: Greek Banks Must Recapitalize by Year's End

domAccording to Reuters the European Commission Vice President, Valdis Dombrovskis stressed that Greek banks need to recapitalize by year’s end.
Dombrovskis met with Bank of Greece governor Yannis Stournaras on Tuesday during his visit to Athens and reiterated what creditors and the Greek side had agreed on since August.
“We all agree to finalize bank recapitalization by end of this year,” Dombrovskis said, referring to Greece’s four major lenders, namely National Bank of Greece, Piraeus Bank, Eurobank and Alpha Bank.
Based on the bailout agreement worth 86 million euro for three years in exchange for reforms, up to 25 billion euros is allocated to save the banks that have suffered about 35 billion euro in cash outflows since December 2014 and capital controls since the end of June.
Dombrovskis is in Athens for talks on reforms Greece needs to complete before a review which would unlock a 2-billion-euro loan subtranche.
The European Central Bank’s Single Supervisory Mechanism is currently assessing the capital needs of the four major banks. The ECB is expected to release the results of the financial health check on the banks, October 31.
 

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