Financial Times
December 2, 2010
Greek banks are seeking liquidity amid fears the mounting eurozone crisis will prolong their exclusion from international lending markets and trigger a further flight of deposits.
Responding to banks’ concerns, the finance ministry this week allocated a further €20bn ($26bn) of state guarantees to be used as collateral for funding by the European Central Bank.
Greece’s big four banks – National Bank of Greece (NBG), Alpha Bank, EFG Eurobank and Piraeus Bank – would each receive about €3bn-€4bn when the funds are disbursed, analysts said.
The international lending markets are closed to Greek banks because the markets price in a high risk that the government will default on its bonds.
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