Tuesday March 31, 2015 Search
Weather | Athens
14o C
09o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Bank of Greece governor warns against political, social instability [Update]

Greece’s central bank governor, George Provopoulos, warned that political and social instability threaten to derail the country’s projected economic recovery this year.

While indicators suggest that 2013 was the last year of recession, risks related to “growing confrontation in the run- up” to Greek local elections and to May’s elections to the European Parliament could yet undermine the progress made, Provopoulos said in a speech in Athens Thursday.

Presenting his annual report on the state of the Greek economy, Provopoulos cited a need for “the elimination or minimization of the risks and uncertainties that might be triggered by a deterioration in the social and political climate.”

Provopoulos, who is also a member of the European Central Bank’s Governing Council, asked for “resolve and consistency” in the implementation of Greece’s economic adjustment program, which is tied to 240 billion euros ($328 billion) of international assistance from the International Monetary Fund and the euro area. Disbursement of the last two tranches of loans has been delayed as the country’s creditors say Athens has not fully implemented the required conditions.

A review by the so-called troika that oversees Greece’s bailouts -- the European Commission, the ECB and IMF -- is taking place in Athens this week, aiming to strike an agreement with the Greek government to allow the payments to continue. The review started in September and has since been interrupted several times.

The troika has demanded that Athens implement hundreds of changes in its service and product markets, as prescribed by a “tool kit” published by the Organization of Economic Cooperation and Development. Also, Athens and its lenders still have to agree on the additional capital requirements of the country’s four largest banks: the National Bank of Greece, Piraeus Bank, Alpha Bank, and Eurobank Ergasias SA.

Provopoulos said that there are 8 billion euros left in the country’s bank recapitalization fund, which he said is enough to cover any further needs. Under EU regulations, banks have to try to raise capital from private sources and sell subsidiaries before tapping the reserves of the fund.

The Bank of Greece and the troika disagree on the size of the hole which needs to be plugged, according to a Greek official who asked not to be named because the talks are still ongoing. A meeting between Provopoulos and the troika ended Wednesday without agreement on how much additional capital the country’s lenders will need, the official said. Talks will continue next week.

The Bank of Greece announced earlier Thursday that it will publish the result of a stress test conducted by BlackRock Inc next week. “In conducting this exercise, the Bank of Greece adopted a conservative approach to ensure the credibility of the exercise,” Provopoulos said. [Bloomberg]

ekathimerini.com , Thursday February 27, 2014 (14:48)  
Shops to open Sunday ahead of Easter holidays
Greek government proposes measures worth 3.7 bln
Hoteliers hire firm to monitor illegal tourism accommodation
Construction crumbles by 80 percent in just five years
Parliamentary speaker prompts ND walkout, anger from PASOK, Potami
Comments by Parliamentary Speaker Zoe Constantopoulou prompted the main opposition to walk out of the House during a stormy discussion on Greece's debt negotiations in the early hours of Tue...
Major effort under way after floods in Serres
Local authorities, residents and members of the armed forces in Serres, northern Greece, worked together on Monday in an effort to limit the damage caused by the Strymonas River, which broke...
Inside News
SOCCER
Cyprus soccer eyes reunion after 60-year divorce
Turkish Cypriot soccer officials on Monday vowed to press ahead with attempts to reunite with the Cyprus Football Association, (CFA), triggering a political storm on the ethnically-split isl...
SOCCER
Three Greek internationals injured in Budapest car crash
Three Greek international soccer players were slightly injured on Monday in a car crash as they travelled by taxi to Budapest airport following Greece's Euro 2016 qualifying goalless draw ag...
Inside Sports
COMMENTARY
Amateur antics or overstepping the mark?
There are 149 plus two reasons why those who have been watching SYRIZA’s progress since its start cannot and never will be able to stomach the leftist party’s coalition with Independent Gree...
EDITORIAL
A pointless debate
Monday’s parliamentary debate between the country’s political leaders left a lot to be desired. There was no information whatsoever about the coalition government’s proposed reforms or the p...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Shops to open Sunday ahead of Easter holidays
2. Greek government proposes measures worth 3.7 bln
3. Parliamentary speaker prompts ND walkout, anger from PASOK, Potami
4. Cyprus soccer eyes reunion after 60-year divorce
5. Hoteliers hire firm to monitor illegal tourism accommodation
6. Construction crumbles by 80 percent in just five years
more news
Today
This Week
1. Amateur antics or overstepping the mark?
2. A pointless debate
3. Parliamentary speaker prompts ND walkout, anger from PASOK, Potami
4. Greek government proposes measures worth 3.7 bln
5. Shops to open Sunday ahead of Easter holidays
6. ECB nerves fray on Greece as supervisors rile central bankers
Today
This Week
1. Next Monday is D-Day for state funds
2. Eurogroup unlikely to be held soon to discuss Greek reforms
3. Moscow expects progress from Tsipras visit
4. Some more equal than others
5. Greece to present reforms by Monday, says gov't spokesman [Update]
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.