Greek Central Bank chief says 2013 will be the last year of recession

Greek Central Bank chief says 2013 will be the last year of recession

 

Review Hari Stefanatos

In his talk to the annual General Assembly of the Greek Central Bank stockholders, the banks’s chief, Georgios Provopoulos, expressed his belief that2013 will signal the last year of recession for the country.

He stresses however that two important prerequisites must exist in order for his prediction to be verified. These are the consistency in the implementation of the stabilization program, and the creation of a stable sociopolitical climate.

In regard to the former, Provopoulos stated that Greece must bolder in its implementation of reforms that will make the coutry’s economy more competitive in order to support its fragile recovery.

“Regrettably, attempts at structural reform so far have been timid, characterized by wavering and delays”, the central bank chief said.

Provopoulos also mentioned the accumulation of the Greek banks’ non-performing loans as a cause for concern, but reminded that the country’s bank bailout fund HFSF “has a buffer of over €8 billion to meet any further capital needs”.

(Source AMNA, ekathimerini)