ECONOMY

EFSF disburses another 7.2 bln euros for Greek bank recapitalization

The eurozone’s crisis fund, the European Financial Stability Facility (EFSF), disbursed on Friday 7.2 billion euros to Greece as part of the 50-billion-euro recapitalization of its banking sector.

“The funds transferred to Greece should help create a healthy and functioning financial sector, which is a precondition for the recovery of the Greek real economy,» said EFSF chief Klaus Regling.

The money was transferred via a cashless operation in two separate series: 3.6 billion euros in 11-year Floating Rating Notes (FRN) and 3.6 billion euros in 12-year FRN, the EFSF said.

Greece has now received a total of 48.2 billion euros in EFSF bonds out of the 50 billion euros committed for the recapitalization of its banking sector.

The EFSF’s total commitment for financial assistance to Greece is 144.6 billion euros, out of which 127.2 billion euros has already been disbursed.