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Greece may use unspent cash from bank recapitalisation to cover needs-EU
July 17, 2013 / 10:52 AM / 4 years ago

Greece may use unspent cash from bank recapitalisation to cover needs-EU

BRUSSELS, July 17 (Reuters) - The Greek bailout programme is facing a small financing gap in late 2014, but it could be filled with unused funds from the money Greece received for recapitalising its banking sector, the European Commission said on Wednesday.

Greece has already received almost all of the 50 billion euros ($65.7 billion) earmarked in the bailout programme specifically to recapitalise banks.

“After all the key operations have been successfully concluded ... there is an unused buffer which could potentially be used to reduce the overall financing gap,” Commission spokesman Simon O‘Connor told a briefing.

There will 7 billion euros left over from the recapitalisation, and O‘Connor said the shorfall in Greece would be around 4.6 billion euros.

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