Greece says needs 27.5 bn euros to recapitalise 4 biggest banks

  • Johor quarantines 64 villagers after first MERS death, says report
    Johor quarantines 64 villagers after first MERS death, says report

    Malaysia has quarantined 64 people in a southern village after one of its residents become the country's first person to die of a respiratory illness that is spreading from the Middle East, local media reported today. At least 71 people have died from the so-called Middle East Respiratory Syndrome, or MERS, out of more than 200 infections in... …

  • Water theft cost us RM1.6 billion a year, says body – Bernama
    Water theft cost us RM1.6 billion a year, says body – Bernama

    Water from leaking pipes and water theft, collectively known as “non-revenue water” (NRW), accounted for major losses amounting to RM1.6 billion a year throughout the country. Association of Water and Energy Research Malaysia (Awer) president S. Piarapakaran said the loss of treated water before it reached consumers because of leaks in old... …

  • Above all, Karpal was a great father
    Above all, Karpal was a great father

    For as long as I have been aware of this thing called “politics,” I have been aware of Karpal Singh. As a boy, my image of him was often humorous, based as they were on classic Lat cartoons. A particular favourite has Mr Karpal looking gigantic in full court regalia holding aloft a coconut scrapper with one superhuman hand while pointing... …

  • Muslims not encouraged to use ‘RIP’, says National Fatwa Council
    Muslims not encouraged to use ‘RIP’, says National Fatwa Council

    Hours after the death of Karpal Singh, Muslims were told by the National Fatwa Council today they were not encouraged to use the phrase “Rest in Peace" (RIP) to a non-Muslim because the term had Christian connotations. In a statement issued on its website, www.e-fatwa.gov.my, the National Fatwa Council said Muslims could express their... …

  • Amid furore over Karpal jibe, Perkasa distances itself from Zul Noordin
    Amid furore over Karpal jibe, Perkasa distances itself from Zul Noordin

    KUALA LUMPUR, April 17 — The right wing Malay group, Perkasa, has distanced itself from Datuk Zulkifli Noordin, who had earlier tweeted that the passing of veteran DAP politician Karpal Singh was... …

  • Legacy of the 'Tiger of Jelutong' will endure

    Karpal Singh's story may have come to an abrupt end this morning, but the author of his biography says the legacy of the 'Tiger of Jelutong' will endure in Malaysia, where he was a warrior in the fight for equality and justice. New Zealand journalist Tim Donoghue first met Karpal in Penang in 1987 and spent nearly 30 years researching the biography he wrote on the fearless lawyer and advocate, titled "Karpal Singh - Tiger of Jelutong", which was published in 2013. "I've done a few things in …

Greece's four biggest banks need 27.5 billion euros ($36.4 billion) in recapitalisation funds by the end of April, the national central bank said in a report released Thursday.

"Capital needs for all Greek commercial banks were estimated in May 2012 at 40.5 billion euros, of which the 27.5 billion euros corresponded to the four core banks," it said.

The four banks, identified as the National Bank of Greece (NBG), Alpha, Eurobank, and Piraeus, will receive support from the state because they are considered crucial to the national banking sector.

A dozen smaller banks are to be recapitalised with private funds, also by the end of April, the national bank said.

"The Greek banking sector was severely hit over the past few years by the combined effects of the restructuring of Greek sovereign debt and adverse economic conditions, both of which affected banking assets and deposits," the central bank's report explained.

Its assessment of the bank's recapitalisation needs over the 2012-2014 period was "conservative" it said. A key factor behind the needs was a restructuring of Greece's sovereign debt, it said, which hit Greek banks hard because they held large amounts of sovereign bonds.

The banks were also expected to suffer losses on both domestic and international loans.

According to the central bank, the main objective of its "comprehensive banking sector strategy is to secure a well-capitalised and viable banking sector."

In addition, Greek officials seek "to gradually restore depositors and market confidence.

"The improvement in the capital and the liquidity position of Greek banks will enable them, in the medium term... to help improve the business environment and put the real economy back into a sustainable path," the report said.

Greece's main banks had been expected to receive 50 billion euros overall to restore their capital after taking part in a sovereign debt write-down of more than 100 billion euros in March, and a subsequent debt buy-back earlier this month.

European leaders have decided meanwhile to unblock 49.1 billion euros from Greece's outstanding financial assistance package by early next year in return for a new austerity deal in Athens.

Of that amount, around 16 billion euros is earmarked for aid to Greek banks, on top of 18 billion already granted in May.

The ratings agency Standard and Poor's has given Greece's sovereign debt a six-point grade increase, while the European Central Bank has said it would again accept Greek bonds as collateral for central bank loans.

Follow @YahooMalaysia on LINE for daily news updates.

Comments on Yahoo pages are subject to our link to Comments Guidelines. You are responsible for any content that you post. Yahoo is not responsible or liable in any way for comments posted by its users. Yahoo does not in any way endorse or support comments made by its users.

  • My dad was in KL to see me, says Gobind The Malaysian Insider
    My dad was in KL to see me, says Gobind

    Bukit Gelugor MP Karpal Singh, who died in an accident early this morning, was in Kuala Lumpur to visit his son Gobind Singh Deo who was ill. A distraught Gobind said he was informed of the accident at 2.15am today, and he and his wife rushed to the scene where he saw his father's mangled car and his father's body. "My brother Ramkarpal was... …

  • ‘Huge’ Hindu, Buddhist statues against Islam, ex-judge says The Malay Mail Online
    ‘Huge’ Hindu, Buddhist statues against Islam, ex-judge says

    KUALA LUMPUR, April 16 — The “huge” statues at a Hindu temple in Batu Caves and Buddhist temple in Penang are an affront to Islam as the religion forbids idolatry, a retired Court of Appeals judge... …

  • Langkawi BN MP pokes fun at Karpal Singh’s remains The Malaysian Insider
    Langkawi BN MP pokes fun at Karpal Singh’s remains

    As the nation mourns the passing of a great politician, BN MP Datuk Nawawi Ahmad insulted the late Karpal Singh by posting a picture of the veteran politician's blood-smeared face as he lay in his Toyota Alphard following a tragic accident this morning. Along with the Facebook picture was a newspaper cutting on Karpal being opposed to the... …