Following the first recapitalization of our banks in 2012, we began to reform and consolidate the banking system. Banks sharply reduced reliance on central-bank funding while making provisions for bad loans. As a result, they have been able to attract private investors. Recently, we concluded follow-up stress tests that were exceptionally well received by the markets.
Following the release of the results, two core banks have completed much larger than requested capital increases of approximately € billion, with significant oversubscription. One of them has issued an additional unsecured bank note for € million with a maturity of three years. 2  BIS central bankers’ speeches  These are the first signs of markets’ opening up to Greece again.