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Bill on Greek Bank Recapitalization to be Voted on By Sunday

15903993A draft bill on the recapitalization of Greek banks will be voted on by Sunday so that the actual process can start on Monday, government Vice-President Yannis Dragasakis said in a statement on Thursday.
The bill was tabled in Greek Parliament on Friday morning and it will be voted in express procedures. The government expects that the bill will pass the pertinent committees and will be voted on Saturday.
Dragasakis spoke with President of the Hellenic Republic Prokopis Pavlopoulos on Thursday and said: “Until now, the state has contributed a great deal of resources into rescuing the banks, and therefore we hope this recapitalization will be the last.”
“We are waiting for the European Central Bank’s final data on the banks’ needs on Saturday, so that by Sunday the bill will be voted on and on Monday the process may start. The conditions are in place to make it a successful process,” he added.
Dragasakis claimed the reason the previous efforts failed was because they were not followed by a settlement plan for non-performing loans, a problem which constitutes “a black hole” in the banking system.
“This is why now, along with the recapitalization, we’ll move ahead with the problem of non performing loans in a framework that will protect the primary residence and will prevent the purchase and sale of loans,” Dragasakis said.
“Our first aim was to complete the recapitalization in a way that would not affect deposits, which means it must take place within 2015, because starting next year, a directive will be put in place that imposes a haircut on deposits over a certain amount,” the government vice-president said.
In addition to the bank recapitalization bill, a second bill that includes all prior actions required for the disbursement of a 2-billion-euro loan tranche will be tabled.
The omnibus bill includes energy market issues, security fund reforms, changes in farmers’ taxation, and protection of first residence from foreclosure among others.

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