Challenges and prospects for the Greek banking system

We live in times where we are facing extremely critical international circumstances, as Europe prepares to face a difficult winter, following two years of the pandemic and also the global energy crisis that was a result of the war in Ukraine. Certainly, the challenges are huge for our country, but there is also good news.

The prospects for Greece are optimistic
The improvement of the credibility of our country in recent years, the utilization of the opportunities brought by the long-term crisis, but also the performance of the reforms are important steps that make us hope for a dynamic future. The unprecedented amount of European funds, primarily the Recovery and Resilience Fund, totaling around 90 billion euros, which will be available for our country in the next five years, but also the consolidation of the Greek banking system, bring optimism despite adverse circumstances. The Greek economy is now extremely resilient, has built strong lines of defense and has a lot positive prospects. Greece has been upgraded 11 times in the last three years by the rating agencies and last August it came out of the regime of enhanced supervision. Our country has already registered one of the strongest rates of recovery (8.4% for the past year), while the GDP growth for 2022 it is estimated that it will be around 4%. Despite the jump in inflation, with its implications for real household disposable income and the prospect of rising business financing costs, the annual real growth rate stood at 7.8%, the 5th highest among Eurozone countries and considerably higher than the Eurozone average (4.8%).

The role of the Greek banking system is important
The Greek banking system can contribute to addressing the challenges of the last period, as the Greek economy maintains its momentum. Banks have always contributed to the strengthening of the Greek economy, even in the midst of very important crises, by making use of their support measures, through state capitalizations and state guarantees. The sound banking system it is now operational and at the center of developments.

The resources of the Recovery and Resilience Fund, combined with the provision of additional financing from the banks, will help to support the economy, giving prospects for the future. Banks finance the economy, but they have also taken on the task of channeling European resources in the right direction. All this at a time when many infrastructure projects are underway, as well as private investment projects, in sectors such as energy, transport and, of course, a key sector for our country, the tourism. Further development impetus is expected from foreign private investment funds operating in Greece again, as foreign direct investment in Greece reached a 30-year high of close to $6 billion in 2021, according to UN data.

Important for the future will be advisory role that banks now have and is a key element in cooperation with their customers, and the provision of loans that finance investments related to ESG criteria.

The bank that has left its mark on the shaping of modern Greek entrepreneurship

Eurobank is one of the banks that have left their strong mark on the Greek banking system for more than thirty years. A new edition sheds light on everything you need to know about its course since its inception: The book “Eurobank 1989-2008. The first 20 years: Development with an international character” constitutes a study which records the events of the establishment, development and consolidation of Eurobank in the Greek and wider financial system. The study focuses on first 20 years of the bank’s history and how it contributed to its formation modern entrepreneurship in GREECE. The publication covers all phases of Eurobank’s development, delving into the first twenty years which were crucial for the gradual evolution of the bank, but also for the radical upgrading of the Greek economy.

The systematic recording and analysis of Eurobank’s achievements in a period that coincides with the development of the Greek banking system, is useful tool for historians and scholars of the future. The book captures the institutional, economic and business environment of that period, as well as its competitive context. The publication presents in detail the events and initiatives that contributed to the establishment and development of Eurobank. The logic behind critical business initiatives and decisions is also presented in detail. Particular emphasis is placed on the examination, on a long-term basis, of the quality characteristics of the bank regarding its corporate governance, its corporate identity and communication, as well as its human resources management policy. The task of writing was assigned to Mr. Christos See Gorcho, lawyer and professor of Public Economic Law at the School of Law of the National and Kapodistrian University of Athens. The book is published by Potamos Publications.

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