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Commission approves 6-mo. extension to Greek bank liquidity programme

Δημοσίευση 16 Δεκεμβρίου 2010, 10:34 / Ανανεώθηκε 27 Ιουνίου 2013, 14:55
Commission approves 6-mo. extension  to Greek bank liquidity programme
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The European Commission on Tuesday approved a six-month extension until June 2011 of a scheme for the recapitalisation of credit institutions in Greece by the Hellenic Financial Stability Fund (FSF).

The European Commission on Tuesday approved a six-month extension until June 2011 of a scheme for the recapitalisation of credit institutions in Greece by the Hellenic Financial Stability Fund (FSF).

The extension was necessary to handle the serious upsets in the Greek economy and therefore, is compatible with article 107 paragraph 3b of the EU Treaty, according to the European Commission decision.

The Fund’s 10 billion euro capital is part of the euro-area/IMF financial assistance to the country. The creation of the Financial Stability Fund is provided for in the May 3rd Memorandum of Understanding (MoU) on Specific Economic Policy Conditionality between the Greek Government, the European Union, the European Central Bank and the International Monetary Fund.