Greece has won an important concession from the European Central Bank that could help its top four lenders pass a landmark review of the euro zone's banking sector, three sources familiar with the process told Reuters.
Greece has won an important concession from the European Central Bank that could help its top four lenders pass a landmark review of the euro zone's banking sector, three sources familiar with the process told Reuters.
The sources said Greece had convinced the ECB to take into account the banks' restructuring plans in reaching its verdict on their finances, part of pan-European efforts to ensure banks are adequately structured in case of another financial crisis.
The ECB is testing whether banks have properly valued their assets and whether they have enough capital to withstand another financial crisis without taxpayer bailouts. The results will be announced on Oct. 26, before the ECB becomes the euro zone's banking supervisor on Nov. 4.
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