ECONOMY

Gov’t working to save jobs in bank overhaul

Finance Minister Yannis Stournaras (photo) said on Wednesday that Europe has more banks than it needs and the Greek government is working to reduce the number of banks without cutting jobs.

?In all of Europe we need fewer banks,? Stournaras told members of the Greek Parliament?s finance committee in Athens. In Greece, ?we?re trying to merge banks and minimize, as far as we can, the loss of jobs.?

Stournaras said completing a Greek bank recapitalization plan is a priority for the government. Stournaras also said he proposed the country?s banks be allowed to delay reporting their earnings for the first half of this year to October 31.

Banks and other listed Greek companies are required to report their first-half earnings for 2012 by the end of August. [Bloomberg]