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The Hellenic Radio (ERA): News in English, 10-10-15

The Hellenic Radio (ERA): News in English Directory - Previous Article - Next Article

From: The Hellenic Radio (ERA) <www.ert.gr/>

CONTENTS

  • [01] Positive Messages from National Bank & ECB

  • [01] Positive Messages from National Bank & ECB

    Friday, 15 October 2010 15:21

    In his meeting with National Bank governor and chief advisor B. Rapanos and A. Tambakakis respectively, Prime-minister G. Papandreou described the bank's recapitalization as a most significant development indicative of regaining markets' confidence. On their part Messrs. Rapanos and Tambakakis emerge optimistic about liquidity in the market. J├╝rgen Stark, Member of the Executive Board of the European Central Bank praised the government for its efforts to reduce state deficit and state debt.

    Optimism about the course of Greece's economy

    Prime-minister G. Papandreou meeting with National Bank leadership, which has recently completed successful recapitalization procedure, was held in a particularly warm climate.

    "I congratulate you on the National Bank success, which was very significant. It is an indication of confidence, the banking system and the Greek economy are gradually regaining. But the battle has certainly not ended. It is a daily battle but it is a battle that step by step we are showing we can winÔŽThere is still long road ahead but we see the first positive signs on which we can build up", concluded the Prime-minister.

    The governor of the National Bank B. Rapanos also expressed optimism on the course of Greece's economy: "We believe, with National Bank's effort that had a positive outcome, we also help to an extent in your efforts for recovery of confidence to Greece's economy so the country can overcome this difficult circumstances and return to growth and prosperity" .

    National Bank chief advisor Apostolos Tambakakis assessed gradual opening of markets, underlining that it would not have been easy for the National Bank to proceed to recapitalization if there was not a more positive climate in the country. He characteristically said: "The climate has changed and it is rather better compared to few months ago".

    Furthermore, Mr. Rapanos announced NB next step to float Finansbank shares, which in combination with successful recapitalization will formulate capital sufficiency index over 14%, one of the highest in Europe.

    On his part, Apostolos Tambakakis said that mergers were not discussed during the meeting with the Prime-minister but expressed belief that bank financing lines will open within 2010 which will end their dependence from the ECB.

    J├╝rgen Stark: "Greece is on the right path"

    J├╝rgen Stark, Member of the Executive Board of the European Central Bank praised the government for its efforts to reduce state deficit and state debt.

    "Today's Greece is making good progress. What it needs now is a deep breath", said Mr. Stark which Reuters News Agency interprets as a suggestion to markets to be patient.

    Papandreou: "Positive messages - But not out of the tunnel"

    Earlier at a meeting with the party's parliamentary group for the promotion of the government's work in view of local administration elections, Mr. Papandreou spoke of positive messages about the economy but underlined that the battle continues for the country's better future.

    In response, ND government spokesman Panos Panagiotopoulos said: "If Mr. Papandreou attributed capitalization of vain hopes to himself, recalling his statement that there is money, we would recognize virtue of self-criticism".

    On Tuesday, October, 19, the Finance Ministry will proceed to a new auction of 3-month state bonds to raise 900 million euros.

    Sources: ═┼ď - ═┼ď 105.8 - ┴NA/╠PA

    News item: 42682


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