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EU Authorizes Alpha Bank's Revamp

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Today, European Union financial aid managers authorized Alpha Bank's reduction regarding global operations, and will support its activity, according to international reports.

The EU officials believe that the downsize will assist the Bank's activities. Previously the European Commission examined the Bank, after Hellenic experts and HFSF stability fund assisted it beginning in 2008. The analysis was instigated over concerns if the monetary assistant granted Alpha Bank an unwarranted advantage over other banks.

European Competition Commissioner Joaquin Almunia stated: "Alpha Bank's restructuring will make a significant contribution to reinforcing the viability of the Greek banking sector, to the benefit of the Greek economy", as reported by ekathimerini.