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Terms for Greek bank recapitalization revealed

Greek banks will recapitalise themselves by issuing shares and convertible bonds and must meet a core Tier 1 capital adequacy ratio of at least 6 percent, the government decided on Monday.

The shares will be offered at a 50 percent discount from the average price over the 50 days prior to the issue, the government said in a cabinet decision.

The bonds will pay a 7 percent annual coupon with a half-a-percentage-point step up per year. They will be converted to shares after five years, the government said.

[Reuters]

ekathimerini.com , Monday November 12, 2012 (15:54)  
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