EWG gives nod on review completion

The Euro Working Group gave the green light on Friday for the completion of the third bailout review in principle, but property auctions are still causing concern as they are seen as crucial to determining the course of Greek banks and whether or not a new recapitalization will be required.

Eurogroup gives Greece until next week to reach bailout milestones (pics)

Eurogroup President Jeroen Dijsselbloem

– A lot of progress has been achieved by Greece, good cooperation.

– Unresolved issues include the governance of banks and household insolvency with more work needed towards the recapitalization of Greek banks – a key milestone in the bailout deal.

– More work is needed before bailout funds are given.

Greek gov’t issues ministerial act on CoCos for bank recapitalization

The Greek government on Tuesday issued a ministerial council act on the details of the recapitalization of banks defining an 8.0 % interest on bonds and mentioning the operation of CoCos (convertible bonds) with which Hellenic Financial Stability Fund will cover additional capital needs of Greek banks.

Finance ministry and Greek banks are positive about the outcome of the recapitalization

Greece’s finance ministry and the country’s main lenders expressed on Sunday their optimism about the outcome of the third bank recapitalization, following the announcement of the results of European Central Bank’s stress tests on Saturday.

Recapitalization of Banks top priority to avoid ‘bail-ins’

Greek Finance Minister Euclid Tsakalotos met with Bank of Greece (BoG) Governor Yannis Stournaras at the Finance Ministry Friday. The two men discussed the pressing issue of the timetable for the recapitalization of Greek banks, a matter which is at the heart of negotiations with the institutions currently in Athens.