Declan Costello: Greek bank deposits are no longer in risk of a “haircut”

Greek bank deposits are no longer in risk of a “haircut”, the European Commission’s mission chief to Greece Declan Costello said on Monday during a speech at an annual business forum in Athens.

Speaking at “The Greek economy” conference, Costello also noted that although it is difficult to give an answer as to when capital controls will be lifted, a successful bank recapitalization and program review will speed up the process.

The EU official also said a debt relief is possible under conditions and when asked about reports claiming there will be an increase in employer contributions to social security, Costello replied this would not help the creation of new jobs and that the reforms must be seen in their entirety.

The conference is organized by the American-Hellenic Chamber of Commerce.