ECONOMY

Greece, lenders want bank recap done by year-end

greece-lenders-want-bank-recap-done-by-year-end

Greece and its international lenders want the country's banks to complete their recapitalization by the end of this year, the country's finance minister said on Wednesday after talks with creditor representatives.

"We discussed the recapitalization issue of Greek banks. They (creditors) want, as do we, to complete the process soon… by the end of the year," Euclid Tsakalotos told reporters.

"They also agree that there must not be a haircut (charge) on bank deposits," he said.

Greek banks have been falling sharply since Monday when the stock market reopened after a five-week shutdown. As of January 1 next year, new European Union rules could mean large depositors would have to pay for some of the recapitalization.

[Reuters]