[An Nahar] Greece's four biggest banks need 27.5 billion euros ($36.4 billion) in recapitalization funds by the end of April, the national central bank said in a report released Thursday.
$36 billion? Bank of America and Citigroup eat that for lunch...
"Capital needs for all Greek commercial banks were estimated in May 2012 at 40.5 billion euros, of which the 27.5 billion euros corresponded to the four core banks," it said.
The four banks, identified as the National Bank of Greece (NBG), Alpha, Eurobank, and Piraeus, will receive support from the state because they are considered crucial to the national banking sector. A dozen smaller banks are to be recapitalized with private funds, also by the end of April, the national bank said.
"The Greek banking sector was severely hit over the past few years by the combined effects of the restructuring of Greek sovereign debt and adverse economic conditions, both of which affected banking assets and deposits," the central bank's report explained.
Its assessment of the bank's recapitalization needs over the 2012-2014 period was "conservative" it said. A key factor behind the needs was a restructuring of Greece's sovereign debt, it said, which hit Greek banks hard because they held large amounts of sovereign bonds.
The banks were also expected to suffer losses on both domestic and international loans.
According to the central bank, the main objective of its "comprehensive banking sector strategy is to secure a well-capitalized and viable banking sector."
In addition, Greek officials seek "to gradually restore depositors and market confidence."
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Posted by: Fred ||
12/28/2012 00:00 ||
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#1
And that money would last maybe a year, and they'd need as much or more again. Why don't they just print their own - it's all anybody else does?
#3
My confidence isn't going to go up until they stop confiscating my savings by debasing the currency. And that's not going to happen until after the collapse.
#4
I'm beginning to detect a pattern Glen. It's a giant monopoly game! When they (the gummit) finally wins and owns everything, they will reshuffle the cards, move everyone back to "GO", and start the game anew.
#1
The move, which has seen thousands of retired Germans rehoused in homes in eastern Europe and Asia, has been severely criticised by social welfare organisations who have called it "inhumane deportation". (Emphasis mine - RbR)
You have to admire their (ahem) sense of tradition, though, don't you?
Posted by: Ricky bin Ricardo (Abu Babaloo) ||
12/28/2012 0:29 Comments ||
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#2
I certainly hope the Wiesenthal Center has budgeted for this. The work must go on you know
A multi-volume chronology and reference guide set detailing three years of the Mexican Drug War between 2010 and 2012.
Rantburg.com and borderlandbeat.com correspondent and author Chris Covert presents his first non-fiction work detailing
the drug and gang related violence in Mexico.
Chris gives us Mexican press dispatches of drug and gang war violence
over three years, presented in a multi volume set intended to chronicle the death, violence and mayhem which has
dominated Mexico for six years.
Rantburg was assembled from recycled algorithms in the United States of America. No
trees were destroyed in the production of this weblog. We did hurt some, though. Sorry.
