Late Greek Bank Buyout Didn't Break Aid Rules, EU Says

Law360, London (January 15, 2020, 5:15 PM GMT) -- The European Commission gave its blessing to the $85 million sale of a subsidiary of Piraeus Bank to competitor Eurobank on Wednesday, finding the lenders did not break the rules on Greece's financial bailout by missing a deadline to complete the deal. 

Piraeus had pledged to sell its foreign branches by the end of 2018 following a probe by the commission during the country's bailout in the wake of the last financial crisis. As part of the bailout, Eurobank was also banned from acquiring new businesses for the same period of time.

The lenders announced the sale of the Bulgarian subsidiary...

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