Christos Sclavounis

The Greek government named former banker Giorgos Michelis as chairman of the country?s bank rescue fund on Monday, which has been without a head since the resignation of both its chairman and chief executive earlier this year.

Cash-strapped Greece will cut the pay of bank bailout fund executives by 40 percent because their salaries are a "provocation" during a time of austerity cuts elsewhere, the finance ministry said on Friday.

Greece's government late Thursday asked the chief executive of its bank bailout fund to resign, after prosecutors ordered her to stand trial for her role in bad loans issued by defunct state lender Hellenic Postbank.

 Lenders have created their own units to deal with nonperforming loans and their merging would be difficult

By Yiannis Papadoyiannis

Sources from the Bank of Greece have categorically ruled out the creation of a single “bad” bank that would gather all the commercial lenders’ nonperforming loans (NPLs), which add up to some 35 percent of the total, under one roof.

 ECB says stress test results will be announced in October

By Evgenia Tzortzi

Marcus Bensasson, Nikos Chrysoloras & Christos Ziotis

Greece is unlikely to have to inject more money into its banks during the European bank stress tests this year, helping to boost the nation’s public finances, top executives at the Hellenic Financial Stability Fund said.