The bill on the recapitalization of banks was submitted to Greek Parliament

The bill on the recapitalization of banks was submitted to Parliament on Friday.

The debate on the bill is expected to start in the afternoon and the plenary is expected to vote on the bill on Saturday night.

“The bill sets the context for the recapitalization of the country’s financial institutions. The relevant provisions of the law regarding the Financial Stability Fund are updated while new provisions are introduced aiming at strengthening the role of the Fund as a mechanism of supporting the Greek banking system,” according to the report.

“In the coming months, the Fund will participate in the recapitalization of the banks with significant funds and it is called on to manage in the best possible way this latest attempt to revive the economy”, it said.

Moreover, “the Fund is called on to have an increased role in the governance of banks, the managements of which will be systematically assessed in order to ensure that the funds received from Greek taxpayers are used in the best possible way.”