COMMENT

Banks have a key role to play

Credit institutions will have a key role to play in the recovery of the Greek economy – also in a later stage of growth. Any decisions about what loans are restructured and what new loans are issued will obviously be of great significance.

Greek banks have quite a good record at home as well as abroad. The departure of experienced, but also young executives, due to the cap on their salaries would harm the economy. That said, it’s necessary to set rules and install monitoring mechanisms that will prevent the repeat of past extremities like favoritism for “our own boys.”

We must ensure that Greek companies are streamlined and provide opportunities to young people and investors who wish to take business risks without relying on state favors or preferential treatment from certain banks.

There is a need to find the right compromise between strong monitoring and partisan influence over banks –- those damaging habits of the past.

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