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Athens Macedonian News Agency: News in English, 13-05-23
CONTENTS
[01] BoG governor: Economic adjustment benefits go beyond credibility,
competitiveness
[01] BoG governor: Economic adjustment benefits go beyond credibility,
competitiveness
ANA-MPA -- Greece withstood the crisis which became a landmark for the
country's society, George Provopoulos, governor of the Bank of Greece
said on Thursday, addressing a seminar organized by the central bank
with the participation of European Central Bank's vice-president Vitor
Constancio.
The Greek central banker noted that a recent progress in economic
restructuring reflected, mainly, the determination of the government
to implement an adjustment programme after making it clear that the
country's future was within the Eurozone. He added that the benefits from
an economic adjustment programme expanded beyond an improving credibility
and economic competitiveness which is achieved through a reduction in
macro-economic imbalances.
Provopoulos said that since June 2012 share prices have doubled, the
yield spread have fallen by 25 pct, bank deposits were up by 12 pct and
the dependence of Greek banks from Eurosystem's funding operations has
been reduced by almost 35 pct. He reiterated his forecast that the Greek
economy will recover in 2014 and said that the word 'Grexit' has been
recently replaced by the word 'Grecovery'.
Vitor Constancio said that structural reforms were an one-way road even
for countries with surpluses in payment balances. He said he supported
a quick banking union and said that ECB was preparing to respond to its
new duties.
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