ATHENS, October 15 (RIA Novosti) - Greece will allocate 28 billion euros ($38 billion) to help the banking sector steer through the ongoing global financial crisis, Greek Finance Minister George Alogoskoufis said on Wednesday.
As the global credit crunch caused by the U.S. subprime mortgage crisis continues, European countries have recently taken urgent measures to provide liquidity to ailing financial institutions and partially nationalize some major banks.
Alogoskoufis said the Greek government's financial rescue plan included measures to raise banks' liquidity, increase bank deposit guarantees and buy stakes in banks.
The Greek government earlier submitted a bill to parliament to increase state guarantees for bank deposits from 20,000 euros ($27,000) to 100,000 euros ($136,000).
