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Greece to cut bank rescue fund managers' pay by 40 percent

Cash-strapped Greece will cut the pay of bank bailout fund executives by 40 percent because their salaries are a “provocation” during a time of austerity cuts elsewhere, the finance ministry said on Friday. The Hellenic Financial Stability Fund (HFSF), financed by the country’s bailout package, is the rescue vehicle that recapitalised Greece’s big banks and covered the costs of winding down others deemed non-viable. “The minister (Yanis Varoufakis) understands that

Greece to cut bank rescue fund managers' pay by 40 percent

Cash-strapped Greece will cut the pay of bank bailout fund executives by 40 percent because their salaries are a “provocation” during a time of austerity cuts elsewhere, the finance ministry said on Friday. The Hellenic Financial Stability Fund (HFSF), financed by the country’s bailout package, is the rescue vehicle that recapitalised Greece’s big banks and covered the costs of winding down others deemed non-viable. “The minister (Yanis Varoufakis) understands that

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