Germany: It is positive that Greek banks recapitalization needs are below 25 bln euros

“The fact that the Greek banks recapitalization needs do not exceed 25 billion euros is positive,” the German Finance ministry spokesman, Juerg Weissgerber, said on Monday clarifying, though, that it is too early to estimate whether the total Greek program could be contained.

“We have to see first what kind of plans the Greek banks will submit and then wait for the reaction of ECB, since it has the leading role among the institutions” he noted.

“Banks can cover their needs with private funds. They have to submit their plans by November 6. If they manage to do so, there is no need to be restructured based on European regulations”, he said adding that “The next step is to present their plans based on the bad scenario by the end of the year. We first have to wait for that,”.