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Euro zone funds for Greek bank recap must not be used for government needs - Dijsselbloem
February 20, 2015 / 8:37 PM / 3 years ago

Euro zone funds for Greek bank recap must not be used for government needs - Dijsselbloem

Eurogroup President Jeroen Dijsselbloem (C) takes part in an extraordinary euro zone Finance Ministers meeting (Eurogroup) to discuss Athens' plans to reverse austerity measures agreed as part of its bailout, in Brussels February 20, 2015. REUTERS/Yves Herman

BRUSSELS (Reuters) - Euro zone funds for Greek bank recapitalisation held by Greece will remain available for that purpose, but will now be held by the euro zone bailout fund and released only on the request of the European Central Bank, the chairman of euro zone finance ministers said.

The almost 11 billion euros in euro zone bailout fund bonds for Greek bank recapitalisation is now held by the Hellenic Financial Stability Fund (HFSF).

Jeroen Dijsselbloem said the reason behind moving the money back was to make sure that the funds would remain earmarked only for Greek bank recapitalisation, should it prove necessary, rather than to finance the needs of the Greek government.

Reporting By Jan Strupczewski

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