Thursday May 28, 2015 Search
Weather | Athens
14o C
09o C
Survival Guide
Greek Edition
New development bank mulled

Former French Finance Minister Pierre Moscovici, currently a candidate for the European Commission’s top post for economic and financial affairs, speaks at a press conference in Athens on Wednesday.

By Evgenia Tzortzi

The government is examining the prospect of transforming ETEAN, the National Fund for Entrepreneurship and Growth, into a new operation that could serve as a development bank and also absorb other financial instruments, with the overall objective of increasing liquidity in the marketplace.

The issue of establishing a new development bank, its primary purpose being to finance small and medium-sized enterprises, was discussed at a meeting on Wednesday between Greece’s Development and Competitiveness Minister Nikos Dendias and former French Finance Minister Pierre Moscovici, currently a candidate for the European Commission’s top post for economic and financial affairs.

In remarks following the meeting, Moscovici said he supported the objective of spurring economic growth and creating new jobs.

Dendias said Greece had requested French know-how on the prospective development bank. “We’re not talking about a foundation to receive bank deposits, but a specialized effort to promote liquidity in the marketplace,” the Greek minister noted.

He had presented ETEAN’s possible transformation at a recent Economist conference, noting that the establishment of a unified financial operation, taking in various financial activities it supports as well as funds it manages, was being examined.

At present, ETEAN has a capital base in excess of 1 billion euros, while loans extended by the fund total 700 million euros.

Transforming ETEAN into a development bank would be compatible with its current activities, as the fund already operates as a credit institution under the supervision of the Bank of Greece. It has also set up credit assessment and risk departments.

A 550-million-euro program allowing Greek small and medium-sized enterprises to borrow at half the normal lending rate was launched by ETEAN at the end of April.

The development minister at the time, Costis Hatzidakis, had announced that there had been an agreement between ETEAN and 14 banks to provide the loans to businesses. The program was designed to provide companies with much-needed working capital. , Wednesday August 27, 2014 (21:55)  
New measure to benefit tax dodgers
OTE planning to hire up to 500 employees
ENFIA to drop up to 30 pct this year
Drachma clause demands are a deja-vu for hoteliers
Athens, creditors offer conflicting views on negotiations
Prime Minister Alexis Tsipras said Wednesday that a deal with creditors was “close” and government officials said an agreement was being drafted but representatives of the country’s creditor...
Opposition presses PM over deal with lenders
Opposition parties urged Prime Minister Alexis Tsipras on Wednesday to seal an agreement with Greece’s lenders as soon as possible but also to inform them of what it plans to agree to. “What...
Inside News
Panathinaikos conquers PAOK through Tavlaridis goal
A Stathis Tavlaridis goal has brought Panathinaikos to practically within one point from clinching a spot in next season’s Champions League qualifiers, as the Greens made it three out of thr...
AEK Athens returns to top league after financial collapse
Greek club AEK Athens has just returned to the country's top soccer league, two years after financial collapse sent it to a lower league. One of the country's largest clubs, AEK sealed its s...
Inside Sports
Romantic notions meet reality
Before the elections, there was a considerable number of people who totally disagreed with the ideas and program put forward by SYRIZA, but they expected that the leftist party would, at lea...
Solving the Gordian Knot
The leftist-led government, as well as the country, have both been seriously damaged and exposed to risk from the evident indecision and repeated contradictions dogging the ongoing negotiati...
Inside Comment
1. Panathinaikos conquers PAOK through Tavlaridis goal
2. New measure to benefit tax dodgers
3. OTE planning to hire up to 500 employees
4. ENFIA to drop up to 30 pct this year
5. Drachma clause demands are a deja-vu for hoteliers
6. ECB tells Athens to reach a deal
more news
This Week
1. Some 300 mln left banks on Tuesday
2. Romantic notions meet reality
3. Target of Greek scorn shapes nation’s fate as IMF’s storm-chaser
4. The G-7's problem: Can the world deal with a Greek default?
5. Solving the Gordian Knot
6. FYROM PM blames Greece for name impasse
This Week
1. Conspiracy madness
2. Hotel contracts with a ‘Greek default clause’
3. Neither Grexit nor a dual currency will solve Greece’s problems
4. No more 'quick and dirty' fixes for Greece
5. Merkel said to plan address for Greece if deal reached
6. Gov’t proposes bank transaction levy
   Find us ...
  ... on
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.