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Top Greek banks given $22.6 billion support

  • Greece has given $22.6 billion to its four biggest banks in a bid to allow the stricken lenders to regain access to European Central Bank funding.

    The long-awaited injection came via bonds from the European Financial Stability Facility rescue fund. It is expected to boost the nearly depleted capital base of National Bank, Alpha, Eurobank and Piraeus Bank.

    The Hellenic Financial Stability Fund allocated $8.7 billion to National Bank, $2.4 billion to Alpha, $5.3 billion to Eurobank and $6.3 billion to Piraeus.

    All four banks are scheduled to report first-quarter earnings this week.