#UK Eurozone bailout fund releases money for ailing Greek bank

//

Greek Finance Minister Euclid Tsakalotos delivers his speech during an Economy conference in Athens, Monday, Nov. 30, 2015.(AP Photo/Petros Giannakouris)

ATHENS, Greece (AP) — Europe’s eurozone bailout institution has approved a 2.72 billion euro ($2.88 billion) disbursement to recapitalize Greece’s ailing Piraeus Bank.

The amount is part of 10 billion euros set aside for Greek banks under the country’s third international bailout, which was agreed on this year.

The fund, called European Stability Mechanism, said Tuesday that Piraeus had covered about 2.2 billion euros of a 4.93 billion euro shortfall identified during recent stress tests on Greek banks, and that the stability mechanism would provide the remaining amount.

ESM head Klaus Regling said Greece had “cleared an important hurdle by securing sufficient interest for the recapitalization among private investors.”

The ESM said the release of the remaining 7.28 billion euros for the banks “will be decided on a case by case basis.”

Join the conversation about this story »

from Business Insider http://ift.tt/21rmPfQ

This entry was posted in #UK by Startup365. Bookmark the permalink.

About Startup365

Chaque jour nous vous présenterons une nouvelle Startup française ! Notre pays regorge de talents et d'entrepreneurs brillants ! Alors partons à la découverte des meilleures startup françaises ! Certaines d'entre elles sont dans une étape essentielle dans la vie d'une startup : la recherche de financement, notamment par le financement participatif (ou crowdfunding en anglais). Alors participez à cette grande aventure en leur faisant une petite donation ! Les startups françaises ont besoin de vous !