On Friday 24 November, the European Commission approved Greek plans to exchange the preference shares held by the state in the capital of Eurobank with Tier 2 bonds, in terms of their compliance with EU state aid rules.
Even though they felt that the operation did not involve any state aid, the Greek authorities still notified it to the Commission to make absolutely certain that it was in line with EU law.
In May 2009, Eurobank was recapitalised to the tune of €950 million in the form of...