World

European Central Bank review shows hole in Greek banks' finances smaller than first feared

  • Pedestrians pass outside the headquarters of the National Bank of Greece in Athens, Friday, Oct. 30, 2015. Greece and its bailout creditors remain divided over how to toughen foreclosure laws, according European Union officials, though the overall talks on getting the country the next batch of loans are on track. (AP Photo/Thanassis Stavrakis)

    Pedestrians pass outside the headquarters of the National Bank of Greece in Athens, Friday, Oct. 30, 2015. Greece and its bailout creditors remain divided over how to toughen foreclosure laws, according European Union officials, though the overall talks on getting the country the next batch of loans are on track. (AP Photo/Thanassis Stavrakis)  (The Associated Press)

  • A man stands in front of a National Bank branch in Piraeus, near Athens, Saturday, Oct. 31, 2015. Greece and its bailout creditors remain divided over how to toughen foreclosure laws, according European Union officials, though the overall talks on getting the country the next batch of loans are on track.   (AP Photo/Yorgos Karahalis)

    A man stands in front of a National Bank branch in Piraeus, near Athens, Saturday, Oct. 31, 2015. Greece and its bailout creditors remain divided over how to toughen foreclosure laws, according European Union officials, though the overall talks on getting the country the next batch of loans are on track. (AP Photo/Yorgos Karahalis)  (The Associated Press)

  • A tourist makes his way as youths make a transaction at an automated teller machine (ATM) of a Eurobank Bank branch in Athens, Saturday, Oct. 31, 2015. The European Central Bank says Greece's battered banks need 14.4 billion euros ($15.8 billion) in fresh money to get back on their feet and resume normal business.  (AP Photo/Yorgos Karahalis)

    A tourist makes his way as youths make a transaction at an automated teller machine (ATM) of a Eurobank Bank branch in Athens, Saturday, Oct. 31, 2015. The European Central Bank says Greece's battered banks need 14.4 billion euros ($15.8 billion) in fresh money to get back on their feet and resume normal business. (AP Photo/Yorgos Karahalis)  (The Associated Press)

The European Central Bank says Greece's battered banks need 14.4 billion euros ($15.8 billion) in fresh money to get back on their feet and resume normal business.

The figure announced Saturday is the result of an ECB review of Greece's four main banks, which now must submit plans to raise the money to boost their capital buffers against losses. That could come from investors, sacrifices by lenders, or from the 86 billion-euro ($94.6 billion) bailout from other eurozone governments.

The hole the ECB found is smaller than originally feared. The bailout provided for up to 25 billion euros to fix the banks.

Greece is racing to bail out the banks before year end, when new European rules take effect that will require losses by major depositors such as small businesses.