A man reads his newspaper as he walks past the National Bank of Greece headquarters in central Athens, Greece, February 19, 2017. REUTERS/Michalis Karagiannis
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ATHENS: Wanted: A chief executive to run Greece's bank-rescue fund.A new CEO, offered the job in late October quit a week later.The CEO's role is to use the fund's leverage as a major investor in three of Greece's four major listed banks to help push through banking reforms designed by the European Union, the European Central Bank and IMF and to eventually divest its stakes, returning banks to private hands.The Hellenic Financial Stability Fund employs just 32 people and has total assets of around 8 billion euros, including 375 million euros in cash, based on Sept. 30 balance sheet data.It owns 40 percent of National Bank, 26.2 percent of Piraeus Bank and 11 percent of Alpha Bank, as well as a 2.4 percent holding in Eurobank.That would have given the CEO of the fund an easy way to win back its 25 billion euros of investment.The bank's shares trade at just 0.23 euros.
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