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NBG, Eurobank, Will Recapitalize Apart

NBG_EurAs Greece and envoys from international lenders are still at odds over whether the National Bank of Greece and Eurobank should merge, as the government wants, the banks will be recapitalized separately, according to two bankers who were not identified, the news agency Reuters reported.
“There will be separate recapitalizations,” one of the bankers close to the procedure said. The two banks together need 15.6 billion euros ($20.23 billion) in fresh capital to shore up their solvency ratios to levels set by the central bank. Recapitalizing separately raises doubts about whether their integration will proceed as planned.
Greece’s banks, as those in Cyprus, were brought to the edge of ruin when former finance minister Evangelos Venizelos, now head of the PASOK Socialists which are one of Prime Minister Antonis Samaras’ two coalition partners, imposed 74 percent losses on investors and bond holders, including those in the Diaspora who put up their savings to help their homeland, in a bid to write down Greece’s staggering debt.

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