ECONOMY

Gov’t submits bill on bank recapitalization

gov-amp-8217-t-submits-bill-on-bank-recapitalization

The Greek government on Friday submitted a bill on the recapitalization of the country’s lenders ahead of a vote on Saturday.

On Thursday Deputy Prime Minister Yiannis Dragasakis informed President Prokopis Pavlopoulos about the recap process, saying that the law will have been voted in time for the share capital increases to begin on Monday, November 2.

“Our primary target is to perform the recapitalization in a way that does not affect deposits, which means it will have to be completed within 2015, as from next year the directive imposing a haircut on deposits above a certain level will come into effect,” said Dragasakis.