Greece Pours $22.6 Billion Into Four Biggest Banks

Reuters via CNBC ^ | 5-28-12 | Reuters

[dynachrome]

Greece handed 18 billion euros ($22.6 billion) to its four biggest banks on Monday, an official said, allowing the stricken lenders to regain access to European Central Bank funding.

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

[dynachrome]

"via bonds from the European Financial Stability Facility rescue fund"

And will use said funds to pay back the rescue fund after scraping a "fee" off the top?

[Migraine]

Greece had money to give away? I thought they were broke.

[Mad Dawgg]

"Greece Pours $22.6 Billion Into Four Biggest Banks"

A.K.A. The "Too Big To Fail" World Tour (next stop is likely Spain)

[Varsity Flight]

So called “Greece”,...
Pours $22.6 Billion Into Four Biggest Banks.

Who is “Greece?”

[4Liberty]

[Salman]

... via bonds from the European Financial Stability Facility rescue fund ...

The money is really coming from whoever bought the bonds.

[Signalman]

[RetiredTexasVet]

And that flushing sound indicates what?

[TexConfederate1861]

According to Frankie Valle, “Greece” is the “word”.....LOL!!

[Son House]

Here, JP Morgan Chase come to mind;

http://www.efsf.europa.eu/about/index.htm
The European Financial Stability Facility (EFSF) was created by the euro area Member States following the decisions taken on 9 May 2010 within the framework of the Ecofin Council.

The EFSF’s mandate is to safeguard financial stability in Europe by providing financial assistance to euro area Member States.

EFSF is authorised to use the following instruments linked to appropriate conditionality:

Provide loans to countries in financial difficulties
Intervene in the debt primary and secondary markets. Intervention in the secondary market will be only on the basis of an ECB analysis recognising the existence of exceptional financial market circumstances and risks to financial stability
Act on the basis of a precautionary programme
Finance recapitalisations of financial institutions through loans to governments

To fulfill its mission, EFSF issues bonds or other debt instruments on the capital markets.

EFSF is backed by guarantee commitments from the euro area Member States for a total of €780 billion and has a lending capacity of €440 billion.

EFSF has been assigned the best possible credit rating by Moody’s (Aaa) and Fitch Ratings (AAA). EFSF has been assigned a AA+ rating by Standard & Poor’s.

EFSF is a Luxembourg-registered company owned by Euro Area Member States. It is headed by Klaus Regling, former Director-General for economic and financial affairs at the European Commission.