HFSF expects to recover some 34 bln

Officials at bank bailout fund HFSF estimate it will recover 34 billion euros, or about 70 percent, of the 50 billion it spent on recapitalizing local lenders last year.

Marking the occasion of the publication of the Hellenic Financial Stability Fund’s annual economic report for 2013, its chief executive officer Anastasia Sakellariou noted that “the HFSF capital which at the end of 2013 reflected a potential recovery value amounted to 34.4 billion euros.”

“Notably, that amount is twice the International Monetary Fund’s original estimate according to its report on the sustainability of the country’s debt [March 2012].”

Sakellariou added that the development is attributed to the remarkable efforts to restructure the local credit system and the improvement in the climate of the markets regarding Greek banks.