Former banker George Michelis was named by the Greek government as chairman of the bank rescue fund of Greece.
The Hellenic Financial Stability Fund (HFSF), financed by Greece’s bailout package, is the rescue vehicle that recapitalized Greece’s big banks and covered the costs of winding down others deemed non-viable.
The HFSF has been headless since CEO Anastasia Sakellariou was asked to resign after prosecutors ordered her to stand trial for her role in bad loans issued by defunct state lender Hellenic Postbank. Its chairman, Christos Sclavounis, stepped down in March.
The material has been provided by InstaForex Company – www.instaforex.com