ECONOMY

Worst of Greece’s crisis is over, says BoG governor

The worst of Greece’s crisis is over, according to Bank of Greece governor, Giorgos Provopoulos, who, speaking to the Financial Times, cited how Greek 10-year government bond yileds had dropped under the 10 percent mark for the first time in over two years.

“What is important is that, although GDP continues to contract, confidence is steadily improving,” Provopoulos told the Financial Times, adding that the improved climate was due to the fact that the majority of Greeks now believed that a Greek eurozone exit was no longer an option.

While noting that deposits worth 15 billion euros had returned to Greek banks in the second half of 2012, the Bank of Greece governor also referred to improvements in the country’s public finances and competitiveness levels.

With the motto “Greece is turning over a new leaf,” members of the Bank of Greece board recently went on an information campaign in major investment firms and banks in London, in an effort to highlight the progress made in Greece over the last few of years.

“We have seen the worst in my country. We have turned the corner,” Provopoulos said.