ECB’s Stournaras: Exposure of Greek Banks ‘Close to Zero’

20 March 2023

By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member Yannis Stournaras on Monday said in the context of current banking sector turmoil that Greek banks had ‘close to zero’ exposure.

In an interview with German financial daily Handelsblatt, Stournaras, who heads the Bank of Greece, said, ‘Greek banks are more resilient than they were a few years ago and are better cushioned to absorb the impact of a financial crisis.’

They have made ‘significant progress in cleaning up their balance sheets and have ample liquidity thanks to the increase in deposits as well as access to wholesale markets’, he said.

‘They have also returned to profitability in 2022 and improved their capital adequacy to a level above regulatory requirements’, he said.