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The second impediment is the controversy concerning the voluntary participation of banks in the Greek government bonds swap. According to informed sources, the extension of the term of the voluntary swap of maturing bonds with bonds maturing after 10 years or more is necessary to meet the condition of 90 per cent participation of private creditors, some of which are reserved on the matter. There is no doubt that this is a serious obstacle, since Imerisia reported that the Governor of the Bank of Greece George Provopoulos would meet the CEOs and chairmen of the boards of all Greek banks tomorrow morning. The press service of the Greek central bank neither confirmed, nor denied the meeting.

George Provopoulos will discuss with his colleagues the study for the damage the Greek banks would suffer from the Greek government bonds swap, which he assigned to the consulting firm Black Rock in cooperation with the audit house Earnst & Young. They will begin the study in September and complete it by the end of the year. Depending on the results, some or all of the Greek banks will be urged to increase their capitalization to withstand the shocks.