Optimistic about the prospects of the Greek economy as well as the domestic banking system despite the new challenges presented by the war in Ukraine, the managing director of the National Bank Pavlos Mylonas appeared in his intervention at the Economist conference in a panel he participated with the Minister of Finance Christos Staikouras and the head of the European Stability Mechanism Klaus Regling.
In particular, Pavlos Mylonas estimated that the effects of the energy crisis from the war in Ukraine in our country will be limited as the dependence of natural gas on Russia for our country is low, with only 5% of the total consumption. These effects can be countered by a reduction in consumption, a substantial increase in the production of renewable energy sources (RES) in our country and a short-term increase in the production of lignite units.
Mr. Mylonas estimated that for 2022 there will not be a decrease in the disposable income of households that would cause concern, due to the support measures that have been taken by the state and absorb a significant part of the increase in energy costs and, in general, revaluations in basic items.
Regarding the banking system, the managing director of the National Bank, Pavlos Mylonas, estimated that it is now able to finance all sustainable investments as it has the required liquidity. He referred to the importance of the Recovery Fund and also emphasized that the banks have returned to profitability.
Speaking about the non-performing loans, Mr. Mylonas said that he expressed his satisfaction for the great progress achieved as they have decreased to 12% of the total with continuous downward trends. At the same time, as he said, despite the new challenges, businesses are servicing their loans normally.
Mr. Mylonas also made a reference to tourism, pointing out that 2022 will be the best year for our country than any previous one, with the positive implications of this for the Greek economy in general, as this specific sector plays a leading role in its contribution to the GDP of our country .
SOURCE: APE-ME
Source: Capital
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