Greece's central bank 'ready to help' throughout the Balkans

[Angelo]

Greece's central bank 'ready to help' throughout the Balkans
15:44 Thu 30 Oct 2008 - Clive Leviev-Sawyer

Postbank Bulgaria chief executive Anthony Hasiotis says that media reports that Greece's central bank was prepared only to help out Greek banks in Greece were not true, and said that the central bank was ready out to help out throughout the Balkans.

"Yet we need no help," was the assurance issued by Hasiotis, speaking at a business breakfast on October 30 2008 hosted by the Hellenic Bulgarian Chamber of Business at Sofia's Sheraton Hotel.

Postbank, legally known as Eurobank EFG Bulgaria, is Greek-owned.

Hasiotis expressed full confidence in central Bulgarian National Bank and the measures it had taken.

He emphasised that, throughout the current global financial crisis, not one depositor in any single commercial bank had lost money. Shareholders in companies that had made risky and speculative decisions were the ones who had lost money.

He warned against media reports that amounted to misinformation. One example was that local Alpha Bank had problems, when in fact the story had been written on the basis of an "obscure" and entirely unrelated bank in the United States having problems.

When it came to the banking and economic environment, people should pay attention to what Bulgaria's Prime Minister and central bank governor had to say, not to rumours. "There can be political, business or market-related games behind these rumours."

Hasiotis also rejected Bulgarian media reports that his bank had stopped giving mortgages. This was untrue. The bank was giving borrowers a lower proportion, reduced from a former 80 to 90 per cent to a current 70 per cent, and was being strict in considering mortgage applications. Postbank was the second-largest mortgage lender in the country, he said.

He warned against over-reaction to the global economic problem.

"This is going to finish," he said. It had affected stock prices and the behaviour of companies. Companies should be careful in considering expansion, in making decisions about whether to hire staff, and should find ways to reduce costs and increase efficiency.

At the other end of the crisis, Hasiotis said, "we will be stronger companies and more profitable. Look at your company and see what you can do to be more efficient".

In the context of media reports and opinions that treated all the countries of South Eastern Europe as the same and as all in trouble and in the need of help, Hasiotis rejected as invalid the perception that equated Bulgaria with other countries in the Balkans. "We are not one and the same and should not be seen as one and the same."




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[Napalm]

Once again Hellas ready to help its neighbours while many want us destroyed so they can take our lands and identity.

[Angelo]

More like Hellas is trying to take over its neirghbors economically