<P> According to HFSF's third quarter 2014 financial report, the fund expected to recover € 27.3 bn out of the initial € 48.2 bn . This amount included "A € 0.6 bn positive cash balance stemming from its previous selling of warrants (selling of recapitalization shares) and liquidation of assets, € 2.8 bn estimated to be recovered from liquidation of assets held by its' bad asset bank', € 10.9 bn of EFSF bonds still held as capital reserve, and € 13bn from its future sale of recapitalization shares in the four systemic banks ." The last figure is affected by the highest amount of uncertainty, as it directly reflects the current market price of the remaining shares held in the four systemic banks (66.4% in Alpha, 35.4% in Eurobank, 57.2% in NBG, 66.9% in Piraeus), which for HFSF had a combined market value of € 22.6 bn by the end of 2013--declining to € 13bn on 10 December 2014 . </P> <P> Once HFSF liquidates its assets, the total amount of recovered capital will be returned to the Greek government to help to reduce its debt . In early December 2014, the Bank of Greece allowed HFSF to repay the first € 9.3 bn out of its € 11.3 bn reserve to the Greek government . A few months later, the remaining HFSF reserves were likewise approved for repayment to ECB, resulting in redeeming € 11.4 bn in notes during the first quarter of 2015 . </P> <P> Initially, European banks had the largest holdings of Greek debt . However, this shifted as the "troika" (ECB, IMF and a European government - sponsored fund) purchased Greek bonds . As of early 2015, the largest individual contributors to the fund were Germany, France and Italy with roughly € 130bn total of the € 323bn debt . The IMF was owed € 32bn and the ECB € 20bn . As of 2015, various European countries still had a substantial amount of loans extended to Greece . </P> <P> Excluding Greek banks, European banks had € 45.8 bn exposure to Greece in June 2011 . However, by early 2015 their holdings had declined to roughly € 2.4 bn . </P>

Which nation helped most to bail out greeces failing economy
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