Provopoulos: 2013 last year of recession
It is reasonable to forecast that 2013 was the last year of recession based on all the available data, Bank of Greece (BoG) George Provopoulos said on Thursday while presenting the central bank’s annual report.
However, if this forecast is to become a reality, not only must the conditions contributing to the improved outlook remain unchanged, but they also have to be taken further, he said during the general meeting of the bank's shareholders according to ANA-MPA
The prerequisites for this to happen are resolve and consistency in implementing the stabilisation programme and elimination or at least minimisation of the risks and uncertainties that might be triggered by a deterioration in the social and political climate, as a result of growing confrontation in the run-up to the European and local government elections, Provopoulos added.
New credit must be offered to dynamic enterprises
Commenting on developments in the banking sector, the central banker stressed that the landscape has changed, adding that cash reserves of the Hellenic Financial Stability Fund -around 8.0 billion euros- were enough to cover any future capital needs of Greek banks.
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