NEWS

Bank recap terms to be set next week or after elections

The final decision on the terms for the long-awaited recapitalization of Greece’s cash-strapped banks will be taken at a new Cabinet meeting next week or immediately after the May 6 general elections, it was decided at a Cabinet meeting on Friday.

According to sources, ministers agreed to boost the country’s four major banks with an initial injection of 18 billion euros to provide them with the necessary capital to remain operational until final decisions are taken.

The same sources indicated that the completion of the bank recapitalization process is likely by the end of the year, rather than by the end of September, as had been originally anticipated.