Greece Banking System is Characterized by Deep Economic Contraction and Elevated Credit Risk, Claims Timetric

31 Jan 2013 • by Natalie Aster

Greece’s banking system is currently characterized by deep and prolonged economic contraction, elevated credit risk, and fragile depositor confidence. In May 2012, the Hellenic Financial Stability Fund (HFSF), a private legal entity in Greece, disbursed EUR18 billion (US$23 billion) to Greece’s four biggest banks, National Bank of Greece SA, EFG Eurobank Ergasias SA, Alpha Bank SA and Piraeus Bank SA, as part of a recapitalization plan. According to the report “Emerging Opportunities in Greece’s Cards and Payments Industry: Market Size, Trends and Drivers, Strategies, Products and Competitive Landscape” by Timetric, this capital injection is expected to restore the capital adequacy level of these banks and its access to the provision of liquidity funding from the European Central Bank and the European Union (EU).

Report Details:

Emerging Opportunities in Greece’s Cards and Payments Industry: Market Size, Trends and Drivers, Strategies, Products and Competitive Landscape
Published: January, 2013
Pages: 81
Price: US$ 4,495.00

Greece is the main country to be adversely affected by the ongoing eurozone sovereign debt crisis, followed by Portugal and Ireland. In response to this, the Greek government has requested financial assistance from EU countries and the International Monetary Fund (IMF) to manage its debt. In May 2010, the Greek parliament, EU leaders and the IMF approved a three-year EUR110 billion (US$152.6 billion) adjustment program to be monitored by the EU, the European Central Bank (ECB) and the IMF. Greece was asked to take essential austerity measures such as tax increases and public spending cuts as a condition of the bail-out package. Since then, the economic environment has worsened with nearly 2 million people out of work, 68,000 businesses closed and the economy shrinking by 7.2%. The IMF is, however, expecting a positive economic environment during the forecast period between 2013 and 2017.

More Reports on Emerging Opportunities in Other Country Cards and Payments Industry by Smart Research Insights Include:

More information can be found in the report “Emerging Opportunities in Greece’s Cards and Payments Industry: Market Size, Trends and Drivers, Strategies, Products and Competitive Landscape” by Timetric.

To order the report or ask for sample pages contact ps@marketpublishers.com

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