4 Greek banks receive $22.5 bn recapitalisation funds

Four of Greece's largest commercial banks received 18 billion euros (22.5 billion dollars) in recapitalisation funds, the Greek finance ministry said on Tuesday. The funds were made available to recapitalise Alpha Bank, the National Bank of Greece, EFG Euro bank and Pireaus Bank. The banks needed to increase their liquidity levels after suffering huge loses following the country's massive debt restructuring deal earlier this year. The debt restructuring deal was a key prerequisite in Greece's second multi-billion bailout agreement with the European Union and the International Monetary Fund (IMF). "The recapitalisation of the four largest Greek banks was completed with the transfer of funds of 18 billion euros from the Hellenic Financial Stability Fund (HFSF)," the finance ministry was quoted by newspapers as saying. "The capital injection restores the capital adequacy level of these banks and ensures their access to the provision of liquidity funding from the European Central Bank and the Euro system. The banks have now sufficient financial resources in support of the real economy."