Four of Greece's leading banks are to receive $23 billion capital injection to replenish reserves which were hit by country's massive debt restructuring deal.
The country's Financial Stability Fund said Wednesday it had approved the funds' release to banks.
The funding will be split between the National Bank of Greece, Eurobank, Alpha Bank and Bank of Piraeus as part of a $64 billion recapitalisation plan to boost their liquidity levels and keep them in business - a key element of the second, $166 billion bailout agreement that Greece had negotiated with the European Union and the International Monetary Fund last March to stay solvent.
Greek banks suffered massive losses following a writedown of their Greek government bond holdings this year. On top of the writedowns, Greek banks have also been hit by customers withdrawing their euro-denominated savings as they hedge against the country's possible forced exit from the single currency and a return to its old devalued currency, the drachma.
A woman uses an ATM machine outside Greece's Eurobank at the northern port city of Thessaloniki, Greece, on May 23, 2012. Photo: AP 
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