Greek banks get €18bn rescue
FOUR Greek banks have received €18bn (£14.4bn) in a bid to recapitalise the stricken sector.
The funds will be divided between National Bank, Alpha, Eurobank and Piraeus Bank.
The money has been released by the European Financial Stability Fund to the Greek body in charge of distributing the funds.
It is part of Greece’s second bailout that was signed off by the European Union and the IMF in March.
That deal was for €130bn and hinged on an agreement by Europe’s major banks and other financial institutions to write-off a large part of their loans to Greece.
National Bank, the biggest Greek lender, has received €7.43bn, the largest share of the new financing. Piraeus bank will receive €4.7bn, Eurobank will get €3.97bn and Alpha is to be handed €1.9bn.