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Greece Plans EFSF 1.2 Billion Euro Return Request

The Greek government is planning to present the European Financial Stability Facility (EFSF) with an appeal for a 1.2 billion euro return to the nation.

The Hellenic Financial Stability Fund (HFSF) was scheduled to give back amounts it did not use regarding Greek bank recapitalization, according to a February 20th Eurogroup mandate. The HFSF used 40 billion euros of its borrowed 49.7 euros, however it repaid 10.9 billion euros back to the EFSF.

Now the Hellenic government wants the additional 1.2 billion euros back. However questions arise because the Greek bank bailout fund borrowed in cash the amount of 1.5 billion euros, and EFSF bonds in the amount of 48.2 billion. Some sources contend that the cash was utilized in the beginning of its recapitalization procedure before the bonds were used.

Yet, other involved delegates believe that the 1.2 billion euros is a portion of the nation's funds granted by its international lenders. In addition, HFSF Chairman Christos Sklavounis was reported to have resigned on Monday; the next individual who steps into his position must be approved by the Euro Working Group.

(Source: Kathimerini)