28.05.2012
By Simon Miller
Four Greek banks have been bailed by the country's bank support fund according to reports.
The Greek government has handed out €18bn (£14.5bn) to National Bank, Alpha, Eurobank and Piraeus Bank allowing them to shore up thier capital levels after large losses on their Greek bond holdings in the debt restructure.
The funds come from bonds issues by the European Financial Stability Facility rescue fund and National Bank received €7.43bn, Piraeus €4.7bn, Eurobank €3.97bn and Alpha €1.9bn.
Last week the Hellenic Financial Stability Fund said its board had unanimously approved the recapitalisation and comes after the European Central Bank stopped monetary policy operations with Greek banks as they had not been successfully recapitalised.
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