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Greece Pours $22.6 Billion Into Four Biggest Banks
Reuters via CNBC ^ | 5-28-12 | Reuters

Posted on 05/28/2012 6:13:33 PM PDT by dynachrome

Greece handed 18 billion euros ($22.6 billion) to its four biggest banks on Monday, an official said, allowing the stricken lenders to regain access to European Central Bank funding.

The long-awaited injection—via bonds from the European Financial Stability Facility rescue fund—will boost the nearly depleted capital base of National Bank, Alpha , Eurobank and Piraeus Bank.

(Excerpt) Read more at cnbc.com ...


TOPICS: Business/Economy; Foreign Affairs; News/Current Events
KEYWORDS: bailout; banks; eucrisis; eurozone; greece; greececrisis
"via bonds from the European Financial Stability Facility rescue fund"

And will use said funds to pay back the rescue fund after scraping a "fee" off the top?

1 posted on 05/28/2012 6:13:41 PM PDT by dynachrome
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To: dynachrome

Greece had money to give away? I thought they were broke.


2 posted on 05/28/2012 6:16:12 PM PDT by Migraine (Diversity is great; until it happens to YOU.)
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To: dynachrome
"Greece Pours $22.6 Billion Into Four Biggest Banks"

A.K.A. The "Too Big To Fail" World Tour (next stop is likely Spain)

3 posted on 05/28/2012 6:16:54 PM PDT by Mad Dawgg (If you're going to deny my 1st Amendment rights then I must proceed to the 2nd one...)
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To: dynachrome

So called “Greece”,...
Pours $22.6 Billion Into Four Biggest Banks.

Who is “Greece?”


4 posted on 05/28/2012 6:25:24 PM PDT by Varsity Flight (Phony-Care is the Government Work-Camp: Arbeitsziehungslager)
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To: dynachrome

5 posted on 05/28/2012 6:32:55 PM PDT by 4Liberty (88% of Americans are NON-UNION. We value honest, peaceful Free trade-NOT protectionist CARTELS)
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To: dynachrome
... via bonds from the European Financial Stability Facility rescue fund ...
The money is really coming from whoever bought the bonds.
6 posted on 05/28/2012 6:34:37 PM PDT by Salman
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To: dynachrome

7 posted on 05/28/2012 6:37:20 PM PDT by Signalman ( November, 2012-The End of an Error)
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To: dynachrome

And that flushing sound indicates what?


8 posted on 05/28/2012 7:13:19 PM PDT by RetiredTexasVet (There's a pill for just about everything ... except stupid!)
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To: Varsity Flight

According to Frankie Valle, “Greece” is the “word”.....LOL!!


9 posted on 05/28/2012 7:42:53 PM PDT by TexConfederate1861 (Surrender means that the history of this heroic struggle will be written by the enemy.)
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To: Salman

Here, JP Morgan Chase come to mind;

http://www.efsf.europa.eu/about/index.htm
The European Financial Stability Facility (EFSF) was created by the euro area Member States following the decisions taken on 9 May 2010 within the framework of the Ecofin Council.

The EFSF’s mandate is to safeguard financial stability in Europe by providing financial assistance to euro area Member States.

EFSF is authorised to use the following instruments linked to appropriate conditionality:

Provide loans to countries in financial difficulties
Intervene in the debt primary and secondary markets. Intervention in the secondary market will be only on the basis of an ECB analysis recognising the existence of exceptional financial market circumstances and risks to financial stability
Act on the basis of a precautionary programme
Finance recapitalisations of financial institutions through loans to governments

To fulfill its mission, EFSF issues bonds or other debt instruments on the capital markets.

EFSF is backed by guarantee commitments from the euro area Member States for a total of €780 billion and has a lending capacity of €440 billion.

EFSF has been assigned the best possible credit rating by Moody’s (Aaa) and Fitch Ratings (AAA). EFSF has been assigned a AA+ rating by Standard & Poor’s.

EFSF is a Luxembourg-registered company owned by Euro Area Member States. It is headed by Klaus Regling, former Director-General for economic and financial affairs at the European Commission.


10 posted on 05/28/2012 9:31:29 PM PDT by Son House (The Economic Boom Heard Around The World => TEA Party 2012)
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