Bank of Greece: Greek banking system has turned page

Bank of Greece (BoG) governor Yannis Stournaras said that “today the Greek banks are based on more solid foundations in comparison with the recent years because they have substantially strengthen their capital position, as this is shown in ECB’s evaluation, in order to contribute to the restructuring of the Greek economy” in a statement to Efimerida ton Syntakton newspaper.

Stournaras also noted that the “Greek banking system has turned page. A few days before the assumption of the supervision of the four systemic banks by ECB’s Supervisory Mechanism on November 4, the four larger Greek banks faced the important challenge of the stress tests organised by ECB. This allows them now to focus their efforts on the support of the real economy with the financing of enterprises and households and to face the problem of the non-performing loans”.

In another statement to Imerissia newspaper, Stournaras noted “At this moment we are before a paradox, the fundamental figures to move smoothly while the markets are in turbulence. In my opinion, the most important explanation of this fact has to do with the prevailing uncertainty on whether Greece will continue the economic policy that contributed to the creation of primary surpluses and towards the upgrading of the competitiveness or not”.