Corporate banking support for Greece

Credit institutions in Greece are to receive financial help from euro-area and the International Monetary Fund following approval from the EU.

The Hellenic Financial Stability Fund will allow corporate banking institutions to be recapitalised following the crash in the country's economy as a result of the global recession.

Joaquin Almunia, vice-president in charge of competition policy at the European Commission, said: "The Financial Stability Fund ... is destined to safeguard the financial stability of the credit institutions in Greece and thus the provision of credit to the national economy."

The socially-responsible investment will mean that the banks in Greece will still be able to receive the funding they need to operate even when private routes for capitalisation are not available.

A total of 19 African, Caribbean and Pacific States, including Burkina Faso, the Central African Republic, Haiti, Malawi, Sierra Leone, and Zimbabwe, are also to receive funding options through the EU. ADNFCR-2318-ID-800052397-ADNFCR