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EC Grants Eurobank Restructuring Aid

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Greece's third-biggest financial lender Eurobank, has been approved for restructuring assistance, as confirmed today by the European Commission.

The EC offered the following statement regarding the allotted aid: "The plan will enable the bank to become viable in the long term without unduly distorting competition".

The European Commission further explained, "Greece has committed to a comprehensive set of measures covering both the restructuring of Eurobank's activities and the credit policy of the group". The restructuring strategy for Eurobank will be administered until 2018. The goals of the plan are to concretely focus on essential Eurobank actions and an operational solid profitability return.