Greece’s strained banks, undercut when a previous government imposed big losses on investors and bond holders, are rebounding thanks to a recapitalization program intended to prop them up and get lending going again, according to a review from one of the beneficiaries, Alpha Bank.
Alpha Bank analysts wrote that, after the successful recapitalization of the systemic banks of Greece, the county “has secured the funding of adjustment program and the recovery of its economy until the end of 2013, as well as in the years to come.”
It added that, “The recovery of Greece’s economy becomes reality but the already advancing implementation of the key conditions which anyway constitute the basic pillars of our national strategy for the recovery and competitive development of the Greek economy”.
The report underlines the positive developments in tourism and labor market after the rise in recruitment and consumption.
The key conditions refer to:
-Achieving fiscal goals during the current year
-Achieving a distinct progress in the reduction of tax evasion and contributions evasion and the recovery of the public sector’s due claims.
-The promotion of the scheduled reforms for the streamline of the functioning of the country’s public sector.
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