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Athens News Agency: News in English, 11-10-26

Athens News Agency: News in English Directory - Previous Article - Next Article

From: The Athens News Agency at <>


  • [01] Deposits in Greek banks fully secured
  • [02] Tourism enterprises uncertain over 2012 trends

  • [01] Deposits in Greek banks fully secured

    AMNA/Deposits in Greek banks are fully ensured regardless of the size of a "haircut" on Greek bonds, Greek banking executives reiterated to the AMNA on Tuesday.

    The executives said bank deposits are fully secured and have face no risk.

    After EU leaders agree on the size of a haircut in Greek state bonds, the Bank of Greece will ask banks and their shareholders to proceed with share capital increases in order to ensure minimum capital adequacy ratios.

    In case Greek banks are unable to respond to these demands, the Financial Stability Fund will ostensibly contribute the necessary funds to achieve a recapitalisation of banks, which will suffer from a write-off in Greek bonds.amna

    Greek banks will also have the opportunity to resort to the European Financial Stability Fund, although decisions on the issue were still pending.

    In any case, Greek banking executives stressed that citizens’ deposits were fully secured and urged depositors to remain calm and not to rush into any hasty decisions based on hypothesis that there was a risk of expected decisions over Greek debt.

    Finance Minister Evangelos Venizelos has repeatedly reassured that deposits are fully secured.

    [02] Tourism enterprises uncertain over 2012 trends

    AMNA/The Association of Greek Tourism Enterprises (SETE) on Tuesday warned that 2012 would be an extremely uncertain period for Greek tourism, as it could be affected by a probable international economic recession, a recovery of North African destinations and economic developments in Greece.

    Andreas Andreadis, president of the association, said a necessary precondition to maintain this year’s positive growth was to adopt a policy focusing more on development and less on tax burdens. He presented the association’s proposals to help boost competitiveness of Greek tourism, through cutting VAT rates to 6.5 pct for tourist packages and 13 pct for restaurant services; lowering airport duties by 50 pct; rapid procedures to issue Schengen visas; combating bureaucracy, setting up a joint marketing company with Greek authorities to promote the country in foreign markets; resolving significant problems existing in downtown Athens and resolving a problem with intellectual rights.amna

    Andreadis said a joint marketing company will have an initial capital of 1.0 million euros, with private investors accounting for 70 pct of the capital. The new company will promote Greece’s brand name in foreign markets using updated marketing tools.

    Athens News Agency: News in English Directory - Previous Article - Next Article
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