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27.5 bil. euros needed to shore

AFP
December 29, 2012, 12:05 am TWN

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ATHENS -- Greece's four biggest banks need 27.5 billion euros (US$36.4 billion) in recapitalization funds by the end of April, the national central bank said in a report released Thursday.

“Capital needs for all Greek commercial banks were estimated in May 2012 at 40.5 billion euros, of which the 27.5 billion euros corresponded to the four core banks,” it said.

The four banks, identified as the National Bank of Greece (NBG), Alpha, Eurobank, and Piraeus, will receive support from the state because they are considered crucial to the national banking sector.

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