The chairman of Greece’s largest lender, National Bank, said Monday the country’s future in the Eurozone will be determined in the next three months, and called on political figures to back government efforts aimed at remaining in the European single currency group.
“I hope that our political system understands how crucial these moments are…put aside party interests, personal ambitions and support the government in this large effort being made to save the country,” said National Bank Chairman Vasilis Rapanos, who is also head of the Hellenic Bank Institute.
Greece is currently in negotiations with private sector creditors on a debt write down plan aimed at reducing the nominal value of bonds they hold by 50%, thus reducing the country’s debt by EUR100 billion. The debt plan, expected to be completed early in the year, is a crucial part of a second bailout package European leaders and the International Monetary Fund agreed in late October to provide to Greece.
Representatives from Greece’s creditors, the European Commission, the European Central Bank and the IMF are expected to meet in Athens in mid January to start negotiations with the Greek government on a bailout deal worth EUR130 billion.
Speaking to radio station Skai earlier, government spokesman Pantelis Kapsis said talks with the representatives, also known as the troika, will be difficult and that Greece cannot push back the implementation of its commitments.
EasyForexNews Research Team