Greek Banks Get More Time to Recapitalize

Greece's central bank governor says the country's four largest lenders will be given until the end of May to complete a major recapitalization program.

Bank of Greece governor George Provopoulos told state-run NET television late Monday that the banks — National, Eurobank, Alpha, and Piraeus — would be given an extension of up to a month for the program backed by bailout funds.

Provopoulos made the remarks ahead of visit to Athens this week by debt inspectors from the European Union, European Central Bank and International Monetary Fund.

Greek banks suffered heavy losses from a private debt restructuring deal last year.

Provopoulos warned Greeks that an emergency property tax levied on electricity bills was likely to be extended, despite strong disagreement on the issue within the coalition government.