The European Union's efforts to keep Greece in the euro area are starting to materialize. In facti the four largest Greek banks – Alpha Bank, National Bank of Greece, EFG Eurobank and Piraeus Bank – will receive funds of 18 billion euros by Friday by the European Financial Stability Facility (EFSF). The cash will be allocated recapitalization of the four lenders, said a Greek banker. In this way, the banks hope to be able to access direct funding from the European Central Bank (ECB) again.
"We will receive the money by Friday at the latest. Maybe tomorrow,” said the banker who asked not to be named. “With these 18 billion in ESFS bonds we will be able to participate again in the liquidity operations of the ECB”.
