Greek Rescue Bank CEO Resigns

The deputy chief executive at Greece’s bank rescue fund, the vehicle in charge of recapitalizing the country’s top lenders, resigned on Tuesday, the second senior executive to leave the fund in the last three months.

The resignation of Deputy CEO Marios Koliopoulos from the Hellenic Financial Stability Fund (HFSF) follows the departure of the fund’s Dutch chairman Paul Koster in March, who stepped down, citing personal reasons.

Funded with 50 billion euros ($64 billion) from the country’s European Union/International Monetary Fund bailout, the HFSF was set up to recapitalize Greece’s major banks and cover the cost of winding down others deemed non-viable.

“Mr. Koliopoulos resigned over a disagreement on legal procedures,” said a senior HFSF executive, who declined to be named due to the sensitivity of the issue.

via Reuters

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.