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2015, could become the landmark in restarting Greek Economy

28 September 15 | Luca Katseli
Luca Katseli

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The Greek banking sector will be in position to finance viable business and investment initiatives with an export and innovative orientation in a series of sectors in which the country has comparative advantages shortly after the completion of the bank recapitalization program by the end of this year.

 

Importantly enough the recapitalization program will not include any haircut in deposits and European Central Bank's liquidity channels will be available to the Greek banking institutions, Luca Katseli, National Bank head said, addressing herself to the annual Clinton Global Initiative Congress in New York.

She was speaking during a discussion on "The Greek Crisis and Beyond" together with Nobelist Joseph Stiglitz.

Katseli stressed that despite difficulties arising from an agreement reached with the country's creditors, 2015 could become a landmark in restarting the Greek economy if conditions for political and economic stability are met and a wide-spread consensus on implementing specific reforms and commitments which will allow a sustainable economic transformation of the Greek economy.

A simpler and more stable tax system, lifting all bureaucratic hurdles for starting, licensing and operation of enterprises and accelerating judicial procedures, are the cornerstones for boosting investments and improving economic competitiveness in the country, National Bank's president said.

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