The Greek banking system is entering a new era, following the completion of the recapitalization and restructuring of banks on Monday. The new era was heralded by the Monday morning meeting of Prime Minister Antonis Samaras and Minister of Finances Yannis Stournaras with the management of the FSF and the four systemic banks Alpha, Piraeos, Eurobank and the National Bank.
Mr. Samaras stated that the banks must contribute significantly towards the recovery of the economy and requested that the banks revise and reduce interest rates in order to help out borrowers. The bankers on their behalf asked for the banking system restructure to take place at a steady pace. The government vowed to present its plans on further safeguarding and supporting the Greek banking system at the end of July.
After Eurobank completes the acquisition of the Postbank and Proton Bank, it will greatly improve its standing before the FSF-mandated privatization procedure begins. The government is looking to sell 25% plus one share by the end of October 2013 to a strategic investor.
The Prime Minister will meet Cypriot Minister of Foreign Affairs Ioannis Kasoulidis at 2.30 pm and at 6 pm he is scheduled to meet with the board of directors of the Union of Greek Ship-owners. The Ministers of Finances I. Stournaras and Shipping M. Varvitsiotis will be present at the latter meeting.
