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MENAFN - 28/12/2012

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(MENAFN) The Central Bank of Greece (BoG) announced that the country's banking sector needs USD53.5 billion for recapitalization funds, reported Xinhua News.

Greece's four biggest banks that played a major role in the recapitalization process will need around USD36.41 billion.

By late January, these four banks are forecasted to receive between USD7.94 billion - USD9.26 billion European Financial Stability Facility (EFSF) notes, which will raise the total aid they will have received within a year to USD33.10 billion.

The central bank's report clears the way for share capital rise in Greek banks during the coming weeks under the recapitalization plan approved by the European Union and the International Monetary Fund (IMF), Athens' international lenders.

The plan, which is backed by USD66.20 billion from bailout rescue loans given to the debt-ridden country from the EU and the IMF, was designed to stabilize the banking industry in the framework of overall efforts to tackle the debt crisis.

The process should be concluded by next year's April.

It will cover losses amassed from spring's restructuring of part of the country's debt load owned by private investors, the voluntary bond buyback that took place earlier this month and in general from the 3- year crisis.

 






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