People disembark from a ferry boat in the port of Perama near the Piraeus port of Athens, on July 12, 2015. AFP PHOTO / ANDREAS SOLARO
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Greece's last-ditch bailout requires the country to sell 50 billion euros ($55 billion) of assets, an ambition it hasn't come close to achieving under previous restructuring plans.Since then, such deals have yielded just 3.5 billion euros, according to the state privatization authority.Making the asset-sale math work as the economy contracts will be difficult for Greek Prime Minister Alexis Tsipras, who Monday bowed to from European creditors demands in exchange for a bailout of 86 billion euros that will keep his nation in the euro. Half the money from asset disposals is earmarked to pay off emergency loans for teetering Greek banks. The state also has shares in banks that were valued at about 7.5 billion euros before the Athens stock market was halted at the end of June.The Finance Ministry Monday extended capital controls through Wednesday, and banks will remain shut.The banks' capital requirements are impossible to determine, and will depend on when Greece's economy finally begins to recover. The four biggest banks – National Bank of Greece SA, Alpha Bank AE, Piraeus Bank SA and Eurobank Ergasias SA – will probably need 19 billion euros in capital, Morgan Stanley analysts Samuel Goodacre and Magdalena Stoklosa wrote in a note to clients Tuesday.
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