The Greek government has followed many of its European peers by announcing a support package to ensure that credit flows at Greek banks go unaffected by the global crisis. Under the terms of the proposal, the Greek government has set aside EUR 28 billion to provide guarantor loans, to issue government bonds, or to take preferred equity stakes in the country’s banks. The plan is meant to provide banks with increased liquidity by expanding their capital bases. State support would be made available following a formal application, which banks must submit by January 2009 at the latest.