Based in Athens, the HFSF was founded in July 2010 under Law 3864/2010 as a state-owned private legal entity with the purpose to "contribute to the maintenance of the stability of the Greek banking system, for the sake of public interest".
[2] The fund has been seeded by the European Financial Stability Facility (EFSF) with 50 billion euros to recapitalize Greece's banks.
[2] While Anastasia Sakellariou was appointed Managing Director, or CEO, as part of the Executive Board, Paul Koster became Chairman of the General Council.
[4] Following the January 2015 legislative election, the new SYRIZA government was expected to replace Sclavounis by Panagiotis Roumeliotis,[5] while Sakellariou would remain Managing Director.
[11] By early 2015, the HFSF kept a remaining buffer of 11 billion euros in EFSF bonds that the outgoing Greek government had intended to repurpose as a precautionary credit line.
[3] In February 2015, the new, SYRIZA-led administration negotiated with the Troika over a six-month extension of the Master Financial Assistance Facility Agreement.