ECB Review Will Clarify Greece's Needs, Bailout Fund Head Regling

ECB Review Will Clarify Greece's Needs, Bailout Fund Head Regling

A review of the European banking sector due to be released on Oct. 26 should bring clarity on Greece's funding needs, the head of the monetary union's bailout fund said on Monday.
Klaus Regling, head of the European Stability Mechanism (ESM), also said the euro zone should keep the funds it is allocating for crisis resolution for future use rather than invest them in the economy now.
Regling said the European Central Bank's asset quality review (AQR) of 130 leading banks would show how much money Greece has left in its existing bank bailout fund and how much more it would need from emergency sources."This is not completely clear at the moment because Greece is waiting for the results of the AQR and stress tests," he said.
Greece's bank bailout fund HFSF has 11.4 billion euros in leftover money which Athens wants to use as a reserve to cover its funding needs after the end of the year, when it hopes to exit its EU/IMF bailout programme.

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