What of banks after the multi-bill?

For one thing, the bill leads the way for Eurobank's 3 billion euro share capital increase by private funds. It gives the Hellenic Financial Stability Fund (HFSF) the capacity to make public offers to warrants holders aiming at the fastest possible return of state funds given for the bank's bail-out.

The bill also reinforces the structure of HFSF and regulates how the state uses it in order to assist the four systemic banks whenever they get in trouble. The provision also puts an end to the Deposits & Loans Fund (TPD).

As for the infamous banks bail-in, the bill enforces the current will of the EU leadership. It says that if voluntary measures for a bank's capital restructure as set by the Bank of Greece and if those measures are estimated having negative side effects, an obligatory potential haircut van be imposed, so that the state can have as little involvement as possible.

In the first stage of the bail-in process, the bank's shareholders will absorb possible damages until the negative net of the bank is eliminated. If that isn't enough, the process moves to private funds invested in the bank, until it reaches liquid funds equal to 8% of their assets, as per the Bank of Greece levels.

The bill is expected to give an extra boost to the existing positive international mood in the Greek economy, reflected in the banks' successful run in the markets. After the Piraeus and Alpha Banks' capital increase last week, Eurobank is attracting a lot of interest for the 3 billion euros funds it needs to turn into private funding. Currently, the state owns 95.2% of the bank's assets.

There's a lot riding in this bill for both the government and the banking sector. If it helps in a successful privatization and market run for the Greek systemic banks, the government will be able to reap the benefits.