News Headline Summary

The cabinet has decided that Greek banks must meet at leat 6% core Tier 1 ratio via common equity

- Greek banks to issue convertible bonds paying 7% annual coupon with 50bps step up per year.
- Convertible bonds will become shares after 5 years.

Update details:

- This is Greek finance ministry releasing details of Greek banks recapitalisation.
- Recapitalising Greece's banks is a vital part of the EUR 130bln bailout given to it by the EU and IMF bailout to avert sovereign bankruptcy.

Print 13:30, 12 Nov 2012 - Economic commentary - Source: Newswires