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Greek banks will pass stress tests, finance minister claims

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Greek banks will pass stress tests, finance minister claims
Greek financial institutions should perform well when the results of the banking stress tests are revealed, the country’s finance minister has claimed.

George Papaconstantinou made the comments during a speech.

The politician, who was quoted by the Wall Street Journal, said: “The Greek banks now have before them the famous stress tests. I am certain the banks will pass those stress tests."

Europe's Committee of Banking Supervisors is expected to publish the results of the tests on Friday (July 23rd).

They were introduced as part of a strategy to allay investor fears about the stability of the financial services industry.

Up to six Greek institutions are among the 91 which have been examined as part of the initiative.

According to the news provider, during the talk Mr Papaconstantinou also called for “greater consolidation” in the financial services industry.

Meanwhile, the Greek government is currently considering an offer by Piraeus Bank to acquire its stakes in two financial institutions.

The lender has placed a total bid of €701 million to take over the authority’s share in ATEBank SA and Hellenic Postbank.

By Jim Ottewill

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