By Caroline Namanda

  The European Central Bank(ECB) said that Greece’s four main banks (Alpha Bank, Euro Bank, NBG and Piraeus Bank) need to find another reserve for €14bn to ensure they could withstand the economic down turn. The banks have until 6th November to decide how to make up for the shortfall; either through EU bailouts or private investors. The short fall of € 4.4bn which may be €14.4 bn under worst case scenario was identified under the Comprehensive assessment (ECB stress test). The banks need to submit capital plans explaining how to cover for the shortfall and they will start a recapitalization process under the economic adjustment programme. This will improve their balanced sheet and capacity to withstand potential adverse economic shocks. The need for a bailout comes a few months after Euro zone countries gave Greece banks bail out funds of€26bn. Depositors have withdrawn billions fearing Greece may be forced out of the Eurozone though limitations on withdrawals and transfers still stand, they been loosened.