Greece Immigration Focus on Greece Immigration Economy: The Greek Parliament passed a bank recapitalization bill on October 31 to complete the bank recapitalization process as soon as possible, creating conditions for the restoration of economic growth.
Earlier that day, the European Central Bank announced that relevant stress tests showed that the capital shortfall of Greece's four major banks would be 14.4 billion euros in the worst-case scenario of a continued sharp decline in the Greek economy, and 4.4 billion euros in the best-case scenario. The European Central Bank has required these four banks to submit their recapitalization plans by November 6.
According to this bill, these banks must complete the recapitalization process by the end of this year to avoid the fate of having deposits over 100,000 euros written down under EU law; if these banks are unable to raise sufficient funds on their own, the state-owned Hellenic Financial Stability Fund will step in to recapitalize them.