Greek banks will have to tap bondholders for bail-in cash, Moody’s warns…(Will Be Here!!)
Investors in Greek banks’ debt are likely to see their investments converted into shares, as the bonds are raided to recapitalise the stricken lenders
By Tim Wallace
TelegraphUK
02 Nov 2015
Greece’s troubled banks will have to tap bondholders for more capital as they are likely to be unable to find more private investors to offer up fresh money, credit ratings agency Moody’s has said.
The European Central Bank has studied the big four banks to see how they would cope with a new economic downturn, and found they needed an extra €14.4bn of capital.
Piraeus Bank has the biggest hole at €4.9bn while the National Bank of Greece is close behind at €4.6bn.
Alpha Bank needs to find €2.7bn and Eurobank is €2.1bn short.
The banks have been told to raise the money by the end of the year.
The Rest…HERE
