All Greek Banks passed the much feared Stress Tests, according to a brief news on ALTER TV. All? Well… not exactly all! Agricultural Bank Greece (ATE) has failed the test and will need some millions of euros to increase its capital by 2%.
It was known that ATE Bank was facing problems and its CEO had recently asked for a capital increase over 1 billion euro.
Piraeus Bank has recently offered Greek Government that holds 77% of ATE to buy it together with Hellenic Postbank, which belongs to 33% to the Greek state.
Of course, we still have to find out whether there was any “Haircut” on Greek Bonds!
Further Reading: “Stress Tests for Banks Assume Loss of 23.1% on Greek Debt, 12.3% on Spain”
According to confidential European Central Bank document obtained by Bloomberg News dated July 22 and titled “EU Stress Test Exercise: Key Messages on Methodological Issues.”
