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The first guest during the new year in Greece

31 December 2012 / 14:12:22  GRReporter
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Another very important issue inspected by the Troika will be the recapitalisation of banks. The banks will have to be divided into good and bad ones. On the basis of contractual obligations, the credit stability fund should describe by the end of January in cooperation with the owners of shares all required financial tools (warrants, CoCos), which can be converted into shares and the exact amounts any of them would use so as to cover 10% of the shareholding in the share capital increase. Based on the Memorandum, large banks will have to complete the share capital increase by the end of April. By then, their shareholders will have to recapitalise them or they will have to merge with other banks.
The cuts in cash bonuses and pensions along with the increase of the retirement age from 65 to 67 years will be other topics that the Ministry of Employment will inspect. The Toika has requested information about whether the measures will need further changes after the vote of the relevant laws. It has also requested a quarterly programme of the estimated savings that will come from the implementation of these measures.

Tags: Troika BudgetRecapitalisationPrivatisationInspection
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