BRUSSELS: Greece is likely to qualify for recapitalisation funds for its banks by a November 15 deadline because the payment depends mainly on financial sector reforms that it can implement by then, eurozone officials said on Friday.

The eurozone bailout fund has up to 25 billion euros (£18.46 billion) earmarked for the recapitalisation of the Greek banking sector under Athens’ third bailout. Of that total, 10 billion euros is already in an account in Luxembourg, ready to be wired to Greece.

If European Central Bank stress tests of Greek banks show that they need more capital, and money offered by private investors for Greek banks is not enough, cash from the remaining 15 billion euros could be used, provided Athens implements the financial sector part of the bailout reforms by November 15.