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Papandreou: Some Greek Banks May Have To Be Nationalized

Some Greek banks may have to be nationalized after the application of the agreed 50% write down in nominal value of Greek bonds held by the private sector, as part of new euro-zone package for the country, Greek prime minister George Papandreou said Thursday.
Speaking to reporters after the conclusion of a marathon euro area leaders΄ summit, Papandreou said Greek banks would be recapitalized with official funds that would come out of the country΄s fresh EUR130B bailout package.
“If the private sector can recalitalize the banks they can do that but if they can΄t it means the official sector will need to. That will mean a temporary passage of ownership to the state. After restructuring they will be sold back to the private sector,” Papandreou said.
He also said the details of the new package would be worked out over the next few weeks.
“We want to be done with this,” he added.
Asked if he was contemplating calling an early election or seeking the formation of a government of national unity, Papandreou said that Greeks want changes, not elections.
“We will continue to seek the maximum level of consensus possible,” he added.
(source: Dow Jones)

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