Sunday March 29, 2015 Search
Weather | Athens
14o C
09o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
NBG plans 3 billion euros in corporate loans this year

Greece's largest lender, National Bank, plans to make 3 billion euros ($4 billion) worth of corporate loans this year to support businesses and assist the economy's recovery, its chief executive said on Thursday.

That represents a substantial increase over the almost 1 billion euros of total loans the bank made in the first nine months of 2013. Lending figures for the full year are not yet available.

With bank credit to the private sector in decline since 2011, aggravating Greece's six-year economic slump, prospects of a mild economic recovery this year will largely depend on new lending.

"Investments will shape the country's long-term growth potential and how fast labor market conditions will improve," the bank's Chief Executive Alexandros Tourkolias told business people in the city of Kavala, in northern Greece.

Greek banks, burdened by bad loans and a shrunken deposit base, will not be able to sharply expand credit in the short term, the country's central bank chief said last month. Firms also need to look to capital markets to plug their funding needs.

December data showed that bank credit to Greece's private sector shrank at a much sharper pace than in the rest of the euro zone, down by 3.9 percent versus 2.3 percent in the single currency bloc.

The central bank has said bank lending must support export-oriented firms and avoid trends in the last decade, when a large part of available credit financed consumption and residential investment.

Greece's 183 billion euro economy is expected to pull out of recession this year, with the government projecting national output will expand by 0.6 percent.

"Healthy entrepreneurship, investments and a transition to sustainable production will be the catalysts to exit the crisis," Tourkolias said.

[Reuters]

ekathimerini.com , Friday February 7, 2014 (10:41)  
Fitch downgrades Greece amid bailout uncertainty
Bank accounts continue to bleed
Hania and Athens are the top picks for Easter visitors
Landlords to pay tax on unpaid rent
Moscow expects progress from Tsipras visit
Prime Minister Alexis Tsiprass planned visit to Moscow on April 8 will be a big event in the course of relations between Greece and Russia, according to the Russian ambassador in Athens, ...
Another suspect eyed in prison breakout plan
Police are on the trail of a criminal who is alleged to have played a part in supplying the weapons November 17 terrorist Christodoulos Xeros and other accomplices were due to use to help Co...
Inside News
BASKETBALL
Greens live dangerously in Istanbul
Panathinaikos played with fire in Istanbul, but still managed to beat Galatasaray 86-84 on Friday and climb to the third sport of its group two games before the end of the Euroleague top-16....
SOCCER
Greek federation backs injured Holebas
The Greek soccer federation on Friday insisted that international defender Jose Holebas had been dropped from team training in Austria because of injury and not for any other reason. Media r...
Inside Sports
COMMENTARY
Lets change the subject
Lets talk about the weather. The cloudy skies, the rain, storms and humidity, the overall heavy atmosphere. Its better to think of that than politics and politicians, whatever cuts they ma...
EDITORIAL
Too little, too late?
Many of the measures that are rumored to comprise part of the list that the Greek government is expected to submit to the European Commission, European Central Bank and the International Mon...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Moscow expects progress from Tsipras visit
2. Another suspect eyed in prison breakout plan
3. Eurogroup unlikely to be held soon to discuss Greek reforms
4. Disabled convicts to be freed early
5. Greek energy minister starts two-day visit to Russia on Monday
6. Opposition tells Tsipras to get control of his party
more news
Today
This Week
1. Eurogroup unlikely to be held soon to discuss Greek reforms
2. Moscow expects progress from Tsipras visit
3. Another suspect eyed in prison breakout plan
4. Fitch downgrades Greece amid bailout uncertainty
5. Opposition tells Tsipras to get control of his party
6. Let's change the subject
Today
This Week
1. Next Monday is D-Day for state funds
2. PM faces Merkel amid race to detail reforms
3. Some more equal than others
4. Greece to present reforms by Monday, says gov't spokesman [Update]
5. Looking at the Chinese model
6. Greece optimistic on deal with euro area next week
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2015, H KAΘHMEPINH All Rights Reserved.