The ECB’s recent stress tests showed that Greece’s four banks are in need of 14.4 billion euros to cover their capital needs. Banks now have a deadline until Friday, November 6, to send their plans and start a series of discussions and meetings with foreign investors already participating in their portfolios so as to cover their needs.

The banks were optimistic that the private sector will cover their capital needs and the procedure will be successful.

Finance Minister Euclid Tsakalotos said that the recapitalization of the banks and plans for non-performing loans will have been completed by the end of the year.