Papandreou Says Greece Will Nationalize Some Greek Bank Shares

Greek Prime Minister George Papandreou said the government will likely buy shares in some Greek banks as a result of a planned writedown of the country’s debt and a European accord to recapitalize lenders.

“Probably some of the bank shares will be nationalized,” Papandreou told reporters today in Brussels after a 10-hour European summit. “After restructuring, we will then take it back out on to the market.”