Economic Policy Gov't Council Approves the Draft Act on Banks' Recapitalisation, Late on Sunday

Economic Policy Gov't Council Approves the Draft Act on Banks' Recapitalisation, Late on Sunday

Greece’s finance ministry and the country’s main lenders expressed on Sunday their optimism about the outcome of the third bank recapitalization, following the announcement of the results of European Central Bank’s stress tests on Saturday, while the Economic Policy Government Council approved the draft act of law that sets out the process of banks' recapitalisation, at a meeting on Sunday night.
The act will be forwarded to the cabinet and issued by Monday (Nov. 2), according to an announcement by the office of the government vice president.
The draft outlines the options related to the role of the Hellenic Financial Stability Fund in the capital injection (depending on whether there is private participation or not) and in terms of the Greek state's preference shares.
Following this announcement, the government called on the management of all four systemic banks to expend any effort to encourage and secure the participation of domestic investors during the process of recapitalisation.
 
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