Economic restructuring to begin bearing fruit, National Bank’s CEO says

A restructuring of the Greek economy is expected to begin bearing fruit this year, after eight years of crisis and significant reform efforts, Leonidas Fragiadakis, National Bank’s CEO said.

Addressing a meeting with National Bank’s executives in Crete, Fragiadakis said banks and enterprises had a mutual benefit, to the interests of the Greek society, to avoid mistakes made in the past, “to encourage and support new business plans and investments, based on healthy competition, boosting competitiveness, raising job positions and international demand for products and services”.

The Greek banker said the Greek economy has just started acquiring a better stepping. Completion of the review creates stability and credibility conditions for the Greek economy after a long time. Stability and credibility are preconditions for investments and development and in that sense “I am optimistic for the future. The year 2017 could prove a turning point for the Greek economy,” he said.

“Strengthening entrepreneurship and productivity is a priority for us, to help the economy enter a phase of repeated growth rates. National Bank has all the necessary tools and will support enterprises. We all know that much more work is needed in the economy and the banking system, but there are positive messages and we must move fast and decisively to speed-up developments,” Fragiadakis said.

He noted that the challenge was to distribute liquidity into the economy, leading to higher incomes and creating more favourable conditions for banks, for the management of non-performing loans.

National Bank’s management embarked on a tour of Greek regions to begin a round of contacts with regional enterprises.