Bloomberg News

Papandreou Says Some Greek Banks May Need Phase in State Hands

October 31, 2011

Oct. 31 (Bloomberg) -- Greek Prime Minister George Papandreou said the government may need to nationalize some of the country’s banks as the state acquires stakes in them as part of their recapitalization.

The banks would pass through state hands “for a period,” before being privatized, Papandreou said in comments to ruling party lawmakers in Athens televised on state-run Vouli TV today.

To contact the reporter on this story: Marcus Bensasson in Athens at mbensasson@bloomberg.net

To contact the editor responsible for this story: Maria Petrakis at mpetrakis@bloomberg.net


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