Thursday April 24, 2014 Search
Weather | Athens
21o C
15o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
BlackRock is confident on bank sector prospects

 Firm says recap has restored the credibility of local lenders

The Greek banking sector received a vote of confidence on Thursday from BlackRock Solutions, the very company that probed it, ahead of the Bank of Greece’s announcement of the stress test results next month.

The head of the US firm, Larry Fink, met yesterday in Athens with Prime Minister Antonis Samaras and Bank of Greece Governor Giorgos Provopoulos, following the completion of the stress tests on local banks’ loan portfolios.

Fink stressed that the Bank of Greece has taken all the necessary measures for the restoration of the credit sector’s credibility. He further noted that “the results of the first exercise laid the groundwork for the successful recapitalization of Greek banks, strengthened their transparency considerably and boosted the confidence of depositors and investors.”

The results of the new stress tests conducted this year will enhance the sector’s credibility further. Fink stated that “the restructuring of the banking system along with the handling of the fiscal and external imbalances are paving the way for the Greek economy’s recovery in the coming years.”

Provopoulos said that “despite the greater-than-expected deterioration of macroeconomic conditions during the previous exercise, the losses effected were within the limits estimated by BlackRock, which illustrates that the exercise was entirely successful. The restructuring of the banking sector constitutes the cornerstone of Greece’s effort to emerge from the crisis and become a modern and competitive economy with sustainable growth and an increase in employment.”

Meanwhile Fitch maintained on Thursday the credit rating of the four systemic Greek lenders (Piraeus, Alpha, National and Eurobank) at B- in a report on the banks of the European south. It noted that despite their recapitalization, the risks resulting from the weak economy persist, and did not rule out the need for additional capital.

ekathimerini.com , Thursday December 12, 2013 (22:31)  
Benchmark up thanks to late blue chip rally
PPC to sell 500 mln euros of 3- and 5-year bonds
Greece´s NBG launches 5-year bond to raise up to 750 mln euros
Samaras meeting with Dimon key to Greek return to bond markets
New court to deal with major crime, graft cases
A bill drafted by the Justice Ministry and due to be submitted to Parliament in the coming days foresees the creation of a new section of the Athens Appeals Court which will be committed to ...
More than 20,000 protests since 2010 bailout
There have been more than 20,000 protests or rallies in Greece since the country agreed to the terms of its first bailout in 2010, Public Order Minister Nikos Dendias revealed on Thursday. A...
Inside News
SOCCER
4,000 officers to police Greek Cup final
Police says it will ban mass gatherings in central Athens amid heavy security measures planned for Saturday's Greek Cup final between Panathinaikos and PAOK at the Olympic Stadium. More than...
BASKETBALL
Never underestimate the Greek hoopsters
Olympiakos and Panathinaikos, who between them have won the last three European crowns, won again at home on Wednesday to take their Euroleague play-off series with Real Madrid and CSKA Mosc...
Inside Sports
COMMENTARY
At the mercy of fools
The death of a young man at an Easter lunch in a village near Rethymno on Crete and the very serious injury of an American guest at a Resurrection ceremony on Santorini must not be forgotten...
COMMENTARY
Putting the party above the country
The case of Sabiha Suleiman, the Roma activist whose candidacy for the European Parliament was announced by SYRIZA only to be withdrawn shortly afterward, is an illustration of the leftist o...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. New court to deal with major crime, graft cases
2. More than 20,000 protests since 2010 bailout
3. Red tape cut for EU law graduates
4. Balkan train links to resume on May 10, with discounts
5. Greek judges decided to extend GD leader’s detention
6. Greek doctors asked for clarifications over costly prescriptions
more news
Today
This Week
1. Putting the party above the country
2. Three missing from cargo ship that went down off Crete
3. Strong card in debt talks
4. Central Athens cleanup a sign of Greece's turnaround
5. Samaras meeting with Dimon key to Greek return to bond markets
6. Police on high alert for Greek Cup final in Athens on Saturday
Today
This Week
1. Greece startup leaders say they can’t break jobless cycle alone
2. Ground-breaking Good Friday mass signals thaw in Cyprus
3. Mayoral candidates clash over Athens mosque plans
4. Government looks to kick on
5. Greece offers to help find Turkish F-16 lost in 1996
6. Putting the party above the country
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.