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Greece: Major banking consolidation still considered to save economy

By  |  June 7, 2013

Greece’s representative within the International Monetary Fund assured that baking consolidation through a major merger still remains a possibility to help save the ailing economy. Thanos Catsambas issued a statement Thursday saying that while progress in the baking sector has been observed, further concentration of the four leading banks, National, Piraeus, Alpha and Eurobank, is still being considered. The government is set to complete the recapitalization plan by July 15 and that future plans include an overhaul and recapitalization of the nation’s credit market. Piraeus Bank recently acquired three major banks on Cyprus: Bank of Cyprus, Cyprus Popular Bank and Hellenic Bank.

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