Optimism over the course of the domestic banking system and the economy in general was expressed by the CEO of Piraeus Bank, Christos Megalou, in an interview.
“I am optimistic about the state of the economy and what has been achieved so far. There is momentum, and if we make the right moves, I see the potential for the economy to continue to grow. There is a possibility that this rise in GDP will roll over into society and that is something that we all have to keep in mind, and it is possible that this country will try to get closer to the European average,” Megalou said.
Piraeus CEO believes that banks have definitively overcome the crisis and all the problems that plagued them for so many years. “All the banks have managed to significantly reduce bad loans […] It is no longer a problem for the banks. Most of them have been fully recapitalized with 100% private capital. They have been able to provide services to Greek society, which are similar to the services provided by credit institutions abroad. They have excellent liquidity and this is also reflected by the fact that the Greeks now feel safe to bring their money back to Greece. And it can also be seen from the deposits, which have been increasing significantly year-by-year.”
“These deposits enhance Greek banks’ liquidity while net credit expansion helps the economy. And we see this in all sectors of the economy including businesses, not only large ones, but also in small and medium-sized businesses and even in individuals,” Megalou noted.
