PM Tsipras: Need for consolidation in the banking system in order to help end the crisis

“I deeply believe that the only way to overcome the crisis is to support the weakest ones and at the same time give the chance to restart the economy. We can only succeed if we join forces,” Prime Minister Alexis Tsipras on Monday said in his address at the presentation of the Act4Greece Program of the National Bank of Greece (NBG).

“The government, the public and the private sector as well as other entities should assist the country get out of the crisis with the society remaining unwounded,” Tsipras stated adding that it is necessary to unite forces and give banks the opportunity to play again their social and economic role. Tsipras also stressed the need for consolidation in the banking system in order to help end the crisis by improving liquidity and financing for startups. He noted that the completion of the recapitalization process opens the way for the return of deposits and the efficient management of their portfolios, and referred to the importance of a positive program review that will pave the way for solving the Gordian knot, which is the debt relief.

Tsipras underlined that the government proceeds with the creation of a stable tax system, introducing and promoting electronic transactions, improving the efficiency of public administration, simplifying licensing procedures, and improving the procedures for public procurement. He also referred to the national productive reconstruction plan that will be presented in the spring and noted that focus will be given on halting the disinvestment climate that led to deep recession in the previous years.