Thursday, July 5, 2012

Bank of France to re-pay Greece € 754 million of interest collected on Greek bonds

The Bank of France will hand over € 754 million ($944 million) of interest collected on Greek government bonds it holds as part of agreements to offer the country financial support. The figure was given today by the French treasury in its revised 2012 budget.

The European Central Bank, which would have legal difficulties in undertaking a similar move, has left it up to the individual central banks of Eurozone Member States whether they return interest collected from Greek bonds first to their own governments and subsequently to Greece.

"The French state will return to Greece the amount the Bank of France has accrued in interest from Greek debt it holds, totaling 754 million euros" states the text of the revised French budget which was presented on Wednesday.

Sources: Bloomberg , TA NEA

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