Greece: Parliament passes bill on bank recapitalization

Greece's parliament on late Saturday evening approved legislation implementing the recapitalization of the country's banks.

The banks will receive about 14 billion euros ($15.4 billion) in funds with the participation of the Hellenic Financial Stability Fund.

The European Central Bank's Single Supervisory Mechanism announced that, according to the stress tests it had run for the capital needs of Greece's largest banks (National Bank of Greece, Piraeus, Alpha Bank and Eurobank) Greek banks will need up to 14 billion euros ($15.4 billion) in fresh recapitalization if they are to be able to do business normally again.