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Athens Macedonian News Agency: News in English, 14-06-11

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From: The Athens News Agency at <>


  • [01] Stournaras tapped as new Bank of Greece governor

  • [01] Stournaras tapped as new Bank of Greece governor

    ANA-MPA -- The General Council of the Bank of Greece (BoG) in its meeting on Wednesday, ahead of the expiry of the current BoG governor's term in office on June 19, made a unanimous decision to recommend that the government appoint former finance minister Yannis Stournaras as a replacement for George Provopoulos at the helm of the bank, pursuant to article 29 of the bank's founding charter.

    Shortly after the bank's general council decision and in an emotionally charged atmosphere, warmly applauded outgoing governor Provopoulos unveiled two reports drawn up under the bank's supervision focusing on the bank's history and the chronicle of the recent crisis. Provopoulos also underlined that Yannis Stournaras is the best possible choice for the post of the BoG governor.

    Referring to the two studies, Provopoulos underlined the bank's contribution to protecting fiscal stability and to a restructuring of the banking sector, which he said can be clearly seen based on the outcome.

    As a result of the bank's efforts and the support provided by the eurosystem through the adoption of crucial decisions, the banks were able to operate smoothly even in times of general uncertainty, Provopoulos said. This way an all-out crisis in the banking sector was prevented, as well as, the direct impact it could have on the country's course in or out of the eurozone, he noted, adding that the banking system despite the major damages it suffered, handled its problems effectively and was restructured on stable foundations under the active guidance of the BoG as the supervising authority.

    Soon after the BoG General Council decision was announced, Prime Minister Antonis Samaras thanked the outgoing BoG governor for his services, noting that he "contributed in a decisive way both to the stability of the banking system and to the recapitalisation of the Greek banks in the most difficult period for our country since WWII".

    On his part, government vice-president and PASOK leader Evangelos Venizelos, one of the two partners in the coalition government, also referred to Provopoulos' "important contribution" to meeting goals, such as, the banks' recapitalisation and the protection of the country's banking system, noting that he exercised his duties "with great success in the toughest period of the past 40 years".

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