Brussels, 05/04/2013 (Agence Europe) - On Friday 5 April, the European Commission refused to say that it had doubts about the planned merger of National Bank of Greece (BNG) and Eurobank.
The Greek press says that the troika (the European Commission, the European Central Bank and the IMF) fears that the merger would give rise to a bank that is too big for Greece's GDP, owning 40% of the market.
Commission spokesperson Olivier Bailly said that for countries in receipt of financial aid, the troika has to ensure that mergers did not impact on the public deficit and debt, particularly if the state wants to increase its share in the merged bank, and added that this type of merger has to meet EU merger rules.
Recapitalisation of the Greek bank industry is being discussed by the troika and the Greek government. Several meetings are planned between the troika and heads of Greek banks, the Greek central bank and the Greek Financial Stability Fund.
Greek banks Alpha and Piraeus have to hold general assemblies this month to discuss increasing their capital and getting at least 10% from the private sector to ensure autonomous governance, reports Greek newspaper Ekathimerini (see EUROPE 10802).
The talks between Athens and the troika will also examine the new property tax and reductions in the size of the civil service (see EUROPE 10820). Ekathimerini says the Greek finance minister, Yannis Stournaras, said on Thursday that the talks would be tough. (EL/transl.fl)