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Greece must conclude bailout review to recap banks - EU official

Published 27/10/2015, 20:03
© Reuters. EU Commission Vice-President Dombrovskis addresses a news conference in Brussels

(Reuters) - Greece and international lenders must swiftly conclude on an assessment of the country's bailout-mandated economic reforms to recapitalise its banks by mid-November, EU Commission Vice-President Valdis Dombrovskis said on Tuesday.

"Euro group conclusions on this question are quite clear, that recapitalisation of the banks is to take place after the first review, but no later than the 15th of November," he told Greece's Skai TV in an interview.

The EU official was in Athens for talks on reforms Greece needs to complete before a review required to release funds needed for the country, which signed up to an 86 billion euro bailout in the summer.

Talks have stumbled on disagreements between Athens and its lenders, primarily over the threshold required for banks to foreclose on non-performing loans weighing on their balance sheets.

© Reuters. EU Commission Vice-President Dombrovskis addresses a news conference in Brussels

Under terms of the deal, Greece's four main banks are in line to receive up to 25 billion euros of international funds to recapitalise.

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