NEWS

EC official avoids commenting on reports of troika vetoing Greek bank merger [UPDATE]

European Commission spokesman Olivier Bailly on Friday refused to confirm or deny reports that the troika is opposed that is currently under way between two major Greek lenders, National Bank and Eurobank, which is already under way.

Bailly noted that negotiations were under way between members of the troika mission to Athens and the Greek government and that many reports in the Greek press about the matter of the merger were inaccurate. He added that in the case of a country like Greece which is involved in an economic adjustment program, when it comes to mergers the Commission will not only examine issues related to market competitiveness but also how the merger in question will influence the debt burden and the deficit of that country, particularly when the state increases its participation in the shareholder composition.