8th November 2015

ECB: Greek banks will need less

According to the ECB, Greek banks will not be needing the €25 billion that the third bailout program, financed by the ESM, foresaw. The four worst performing banks in Greece will need maximum €14.4 billion – and that is the worst case scenario. If the private sector weighs in, the maximum descends to about €10 billion. Under normal circumstances, only €4.4 billion will be sufficient – less than a fifth from the originally-foreseen sum. Obviously then, the third bailout program will be worth much less than the maximum €86 billion. Greece and ECB are aiming for the recapitalization to be concluded before the end of the year. Greece already passed laws that will facilitate the process.

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Members of the American Chamber of Commerce in the Czech Republic