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Greek banks receive 18bn euros from bailout fund | Greek banks receive 18bn euros from bailout fund |
(39 minutes later) | |
Four Greek banks have received 18bn euros (£14.4bn, $22.6bn) as part of the nation's most recent bailout. | Four Greek banks have received 18bn euros (£14.4bn, $22.6bn) as part of the nation's most recent bailout. |
The funds will be divided between National Bank, Alpha, Eurobank and Piraeus Bank. | The funds will be divided between National Bank, Alpha, Eurobank and Piraeus Bank. |
The money has been released by the European Financial Stability Fund to the Greek body in charge of distributing the funds. | The money has been released by the European Financial Stability Fund to the Greek body in charge of distributing the funds. |
It is part of Greece's second bailout that was signed-off by the European Union and the IMF in March. | It is part of Greece's second bailout that was signed-off by the European Union and the IMF in March. |
That deal was for 130bn euros and hinged on an agreement by Europe's major banks and other financial institutions to write-off a large part of their loans to Greece. | That deal was for 130bn euros and hinged on an agreement by Europe's major banks and other financial institutions to write-off a large part of their loans to Greece. |
A report on Monday said that National Bank, the biggest Greek lender, has received 7.43bn euros, the largest share of the new financing. | A report on Monday said that National Bank, the biggest Greek lender, has received 7.43bn euros, the largest share of the new financing. |
The report from the AFP news agency said that Piraeus bank will receive 4.7bn euros, Eurobank will get 3.97bn euros and Alpha is to be handed 1.9bn euros. | The report from the AFP news agency said that Piraeus bank will receive 4.7bn euros, Eurobank will get 3.97bn euros and Alpha is to be handed 1.9bn euros. |
The Hellenic Financial Stability Fund (HFSF) is in charge of distributing that money. | |
The plan is for it to provide up to 50bn euros in return for shares in Greek banks. | |
Greek banks have been unable to raise money on the international markets so have been relying on the European Central Bank (ECB) and the Bank of Greece for funding. | |
Up to the end of January, Greek banks had borrowed 73bn euros from the ECB and 54bn euros from the Bank of Greece. |