Athens Macedonian News Agency: News in English, 17-04-27

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From: The Athens News Agency at <http://www.ana.gr/>

CONTENTS

[01] Major issues now resolved, government source says after talks with institutions in Athens

[02] Eurozone banks now 'much stronger,' EBF chief Wim Mijs tells ANA

[03] Former minister Tsohatzopoulos to be released from jail on Friday

[01] Major issues now resolved, government source says after talks with institutions in Athens

Even though the International Monetary Fund (IMF) was insisting on many points that were not to the government's liking, the source added, "I do not have the impression that the Fund has come to the negotiations in order to delay and I do not think these issues can lead to not concluding the agreement."

During a 1.5-hour meeting on Thursday, the two sides discussed issues relating to privatisations, fiscal policy and labour law.

According to the government official, a discussion on the four draft documents (the MoU with the European institutions, the Memorandum of Economic and Financial Policies (MEFP) with the IMF and two corresponding technical agreements) is to be held on Friday afternoon. Both the Greek side and the institutions have given instructions that these documents should first be 'cleared' at a staff level so only the basic issues are discussed at a senior level, so that there can be topic discussions on the four documents. The aim is to have completed the entire process by next Sunday, the official said.

Participating in Thursday's meeting on the Greek side were Finance Minister Euclid Tsakalotos, Labour Minister Efi Achtsioglou and Alternate Finance Minister George Chouliarakis.

[02] Eurozone banks now 'much stronger,' EBF chief Wim Mijs tells ANA

The veteran Dutch banking executive spoke ahead of the inaugural Balkans and Black Sea Forum (BBSF) forum, which will be held in the northern Greek city of Serres on May 25 and May 26.

The forum will be attended by EU officials, representatives of various Balkan and Black Sea region organisations and institutions, international organisations, diplomats, business leaders and academics, with the agenda to include discussion on issues at the forefront of international and regional current affairs.

Asked about European banking groups' presence in the wider SE European and Black Sea region, Mijs merely said that banking activity and growth will inevitably keep pace with area's economic growth and pace, without offering a more detailed forecast.

Queried over the European banking sector's strategic actions towards helping the continent's economies return to growth or boost growth, the EBF chief cited the EIB- and Commission-administered European Fund for Strategic Investments, which aims to funnel some 350 billion euros towards infrastructure investment projects. He also referred to the Capital Markets Union project, which he said aims to diversify funding options for European corporate and business borrowers.

"About half of this already has been approved. Greece and Bulgaria in particular benefit here," he stressed, in referring to the infrastructure financing mechanism.

Asked about the effects of the 2008 banking crisis and subsequent sovereign debt crisis in the European south, Mijs said subsequent regulation on a Europe-wide basis corralled the roughly 120 biggest banks in the Eurozone under direct ECB supervision, with banks outside the Euro area but in the EU now being coordinated by agencies such as the European Banking Authority.

Moreover, he said the resilience of Europe's banking sector was confirmed by last summer's stress tests throughout the continent.

Looking to the future of the eurozone's banking sector, Mijs pointed to two primary challenges, which are none other than dealing continuing pressure on profit margins due to low or even negative interest rates, as the latter have traditionally comprised a significant portion of banks' profits, as well as the accelerated trend of banking digitalisation -- i.e. offering numerous financial transactions online, via all types of communication devices, either by cooperating with what he calls "fintech" companies or developed "in house", by banks themselves.

"Digital banking has become a key aspect of the EBF strategy. In Brussels we particularly look at where these new developments interact with EU-level regulation. That brings you to topics like data, the cloud, e-identity, cyber-security," he explained.

Queried about the upcoming forum in Serres, Mijs reminded that EBF is a strategic partner of the Balkans and Black Sea Cooperation Forum, an initiative supported by his organization's members and associate members. Bank officials from the region already meet with each other under the EBF's auspices, he said, something that demonstrates the "added value" of being an EBF member and forum participant.

[03] Former minister Tsohatzopoulos to be released from jail on Friday

In addition to the 200,000 euros in bail, the courts have imposed additional conditions for his release. Tsohatzopoulos is required to turn over his passport and is banned from leaving the country or from travelling in boats and aircraft, while he is required to reside at a specific address and to regularly appear at his local police station.

An Athens criminal appeals court on Wednesday refused to lower the amount of bail that Tsohatzopoulos was required to pay for his release from prison on compassionate grounds but gave him the option of paying the amount in either cash, a letter of guarantee issued by a bank or through a mortgage of property owned by himself or a third party. The former minister had petitioned the court to lower bail, claiming that he was unable to pay.

Earlier in April, a court had allowed the former minister's release on bail due to his poor state of health after undergoing triple bypass surgery. The court accepted that his continued stay in a prison hospital would be prejudicial to his health and set bail at 200,000 euros. A former defence minister, 77-year-old Tsohatzopoulos is serving a 20-year sentence for money-laundering.

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