Greek banks to receive €18 billion cash infusion

PanARMENIAN.Net - Greece's four biggest commercial banks will receive an €18 billion ($23 billion) cash infusion from the European bailout fund, AP reports.

The recapitalization comes amid political uncertainty in the debt-stricken country after inconclusive May 6 elections saw a rise in support for anti-bailout parties and cast doubt over whether Greece's future use of the euro currency.

The uncertainty has impacted bank deposits as people have been withdrawing their money to hedge against the country's possible return to its old devalued currency, the drachma.

The European Financial Stability Facility (EFSF) money will be disbursed on Wednesday, May 23, to the National Bank of Greece, Eurobank, Alpha Bank and Bank of Piraeus.

Meanwhile, pharmacies across Greece are staging a day-long strike to protest unpaid dues from the largest health care provider.