Sallas: Completion of the bailout review dispels uncertainty
The president of Piraeus Bank Michalis Sallas argued that the completion of the Greek bailout review will greatly dispel the uncertainty and restore stability to the domestic banking system.
Mr. Sallas, who made the estimation at a general meeting of bank shareholders, explained that Tuesday’s Eurogroup decision is paving the way for greater liquidity in the Greek economy and predicted that the ECB will soon lift the waiver on Greece bonds.
According to the Piraeus Bank president, the capital controls will gradually be lifted, while deposits are expected to return to Greek banks. Mr. Sallas also reported that in the final quarter of 2015 and first quarter of 2016, the non-performing loans were reduced by 1.2 billion euros. The bank president added the situation will further improve when the state begins paying arrears.
Finally, Mr. Sallas announced that for 2016 Piraeus Bank expects a rate of recession up to 0.5% of the GDP, while the bank expects a growth rate of about 2% in 2017. Mr. Sallas also announced that rewards and incentives will be given to shareholders and customers who supported Piraeus Bank in its recapitalization.
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