ECONOMY

Greece’s bank bailout fund sees most of its value vanish

greece-amp-8217-s-bank-bailout-fund-sees-most-of-its-value-vanish

The Hellenic Financial Stability Fund (HFSF) suffered huge losses in terms of the value of its holdings in the country’s banks over the first nine months of last year, data showed on Friday.

The value of its portfolio of shres in the country’s four systemic lenders (National, Piraeus, Alpha and Eurobank) amounted to just 2.12 billion euros at the end of September 2015, compared with a projected 11.62 billion euros at end-December 2014.

This represents an estimated loss of 9.5 billion euros in just nine months.

Revenues from interest in the January-September 2015 period came to 15 million euros, against 58.6 million a year earlier.