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Credit Deal Ratified Between Greek Government & Banks

Ministers George Papakonstaninou and Michalis Xrysohoides hope to improve the low levels on the Greek market regarding lending and investments with assistance by Greek banks. A deal was signed this morning which include the below terms:

  • 25 billion Euros will be given to the Greek banks.  The banks must create their own business plans to infiltrate the money back into the Greek market.  The plans must be approved by the Bank of Greece.
  • The banks will help to apply the new taxation law immediately by creating business accounts for all companies and businesses.  All credit institutions should participate effectively in  public programs for the support of small businesses.

Minister of Finance Papakonstaninou stated: “We have to ensure that these funds will be used to improve our economy”.

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