Greek minister says bank recapitalisation will safeguard deposits

A multi-billion euro recapitalisation of Greece’s banks will help protect savers’ deposits, Greek Economy Minister George Stathakis said on Monday, after Athens agreed a deal that could lead to a fresh bailout from international creditors.

Stathakis said the bailout would include 25 billion euros ($27.50 billion) to recapitalise the stricken banking sector. “The recapitalisation is so secure that it fully safeguards deposits,” he said on public broadcaster ERT.

Greece enters its third week with banks closed and most Greeks are limited to ATM withdrawals of 60 euros per day. There have also been widespread fears that the government could impose a levy on bank deposits although ministers have repeatedly denied this.

The Cyprus Mail is the only English-language daily newspaper published in Cyprus. It was established in 1945 and today, with its popular and widely-read website, the Cyprus Mail is among the most trusted news sites in Cyprus. The newspaper is not affiliated with any political parties and has always striven to maintain its independence. Over the past 70-plus years, the Cyprus Mail, with a small dedicated team, has covered momentous events in Cyprus’ modern history, chronicling the last gasps of British colonial rule, Cyprus’ truncated independence, the coup and Turkish invasion, and the decades of negotiations to stitch the divided island back together, plus a myriad of scandals, murders, and human interests stories that capture the island and its -people. Observers describe it as politically conservative.