HFSF president Panayiotis Thomopoulos noted that the main banks will need more time in order to raise funds through the market in an organised fashion and avoid congestion. He stressed that it is not possible for all the major lenders to move ahead with share capital increases in such a short period of time. Although the climate has improved over the last few months in Greece, more time is required for the consolidation of positive sentiment and for long-term institutional investors to start eyeing Greece again, said Thomopoulos.
Asked about the possibility that National, Alpha, Eurobank and Piraeus may need more than €50 billion for their recapitalisation, Thomopoulos said that amount will suffice as it includes a safety cushion in case additional requirements are needed.
Regarding the all-important participation of private investors in the capital increases, HFSF vice president Haralambos Kyrkos said the main obstacle is the banks’ negative net positions. “This is like asking investors to place €100 in something that on the following day will be worth €50”, he said.
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