News Summary: Greek banks to get $23B from fund

AP News
Posted: May 23, 2012 1:40 PM
News Summary: Greek banks to get $23B from fund

FINANCIAL AID: Four of Greece's leading banks will get about $23 billion to replenish their reserves, which were hit by country's massive debt restructuring deal.

BAILOUT FUND: The money comes from the $166 billion bailout agreement Greece negotiated with the European Union and the International Monetary Fund last March to stay solvent.

BANK DISTRESS: Greek banks suffered massive losses following a writedown of their Greek government bond holdings this year. Many customers have also withdrawn euro-denominated savings to protect against the country's possible forced exit from the euro currency union.