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Athens News Agency: News in English, 10-07-23

Athens News Agency: News in English Directory - Previous Article - Next Article

From: The Athens News Agency at <>


  • [01] Greece to appoint denationalisations advisors
  • [02] National Bank completes sale of 450-mln-euro bond issue
  • [03] Central bank chief optimistic

  • [01] Greece to appoint denationalisations advisors

    An inter-ministerial privatization commission meeting on Friday agreed to appoint 2-3 advisors to examine the Greek stateās future moves in the countryās banking system and to adopt a more efficient management policy of the stateās real estate property.

    The commission comprised Finance Minister George Papaconstantinou, Economy, Competitiveness and Shipping Minister Louka Katseli, Environment, Energy and Climate Change Minister Tina Birbili, Infrastructure, Transport and Networks Minister Dimitris Reppas and Culture and Tourism Minister Pavlos Geroulanos.

    Speaking to reporters, after the meeting, finance minister Papaconstantinou said the advisors will evaluate the stateās equity holdings in the Greek banking system, particularly in ATEbank and TT-Hellenic Postbank before making their recommendations for a more efficient exploitation of these holdings.

    Economy Minister Katseli stressed that the government will ask its advisors for a recommendation over a possible strengthening of the stateās presence in banks, with alternative scenarios. Papaconstantinou said the government was examining all possible moves over the issue while he declined to comment on the results of Europe-wide stress tests on banks, which were due to be released later in the day.

    Papaconstantinou said a new inter-ministerial commission will be set up - comprising ministry secretaries-general, the State Real Estate Enterprise and the Tourism Development Enterprise- to resolve institutional issues.

    [02] National Bank completes sale of 450-mln-euro bond issue

    The National Bank of Greece on Friday announced the successful completion of a Lower Tier II bond issue, worth 450 million euros, through a private placement in Greece.

    The bank said the issue was fully covered in a period of four working days, a proof of investorsā confidence in the bank.

    The bond security will be issued by NBG Finance Plc, a subsidiary based in the UK, with the guarantee of National Bank and will be traded in the Luxembourg Stock Exchange. The bond issue will have a maturity of 10 years.

    National Bank said the proceeds from the bond issue will raise the bankās equity capital and the bankās Core Tier I ratio by 34 basis points.

    [03] Central bank chief optimistic

    Bank of Greece (BoG) governor George Provopoulos said Friday he is optimistic on the economy, adding that the worst is behind us, during a meeting with President of the Republic Karolos Papoulias.

    "We have crossed the Rubicon," the central bank chief said, noting satisfaction with the developments in the economy, indicatively citing the improvement in performance regarding the state deficit and the measures that have been taken to reduce expenditure and increase revenue.

    "This means that in the coming period we will likely have further improvement," he said and, referring to recent governmental decisions, spoke of "tough but necessary laws that indicate that things are rolling in the structural field".

    He also stressed that the "very negative image we had abroad is beginning to turn positive", and anticipated that from autumn on "we will have a substantially better image as it becomes established that progress with the deficit is ongoing, and indeed constantly improving".

    Greece is meeting all its obligations under the Memorandum, and this cultivates a positive picture, Provopoulos said, but conceded that this will take time due to the prior negative projection.

    "However, we have emerged from the Rubicon and this is very important and hopeful," he added.

    He also noted that the results of the Europe-wide "stress tests" for banks are due to be released on Friday afternoon and the visit by experts of the EU "troika" in the coming days.

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