Stournaras: Banks In Greece, EU Safe

Stournaras: Banks In Greece, EU Safe

Greek finance minister Yannis Stournaras expressed his satisfaction with the progress made by the European Union on a banking union plan, the Athens News Agency-Macedonian Press Agency reported. 
Stournaras confirmed that banks in Greece and the European Union were safe, highlighting that very significant steps have been made towards the banking union. Commenting on Greek banks, Stournaras said that 25 billion euro, from a total of 50 billion euro earmarked for their recapitalization, were used for the recapitalization of systemic banks. The liquidation of banks cost 14 billion euro and the remaining 11 billion euro remained as reserve capital at the Hellenic Financial Stability Fund. The finance minister also said that this money could be used to reduce the country’s debt.

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