The Traderszone Network

Published in TZ Latest News 31 October, 2015 by The TZ Newswire Staff

ECB reveals capital hole in Greek banks as unpaid loans soar

Greece’s banks need to raise more than 14 billion euros (10 billion pounds) of extra capital to cover mounting unpaid loans, the European Central Bank said on Saturday as it announced the results of stress tests intended to rehabilitate Greek lenders. The capital hole has emerged chiefly due to the rising number of Greeks unable or unwilling to repay their debt, after a dispute over reforms between the leftist government and international lenders almost saw Greece leave the euro. Almost 57 percent of the loans made by Piraeus Bank (BOPr.AT), the bank which fared worst, are at risk.