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Greek bank deposits are no longer at risk

01 December 15 | Declan Costello
Declan Costello

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Greek bank deposits are no longer in risk of a “haircut”, the European Commission's mission chief to Greece Declan Costello said on Monday during a speech at an annual business forum in Athens.

 

Speaking at “The Greek economy” conference, Costello also noted that although it is difficult to give an answer as to when capital controls will be lifted, a successful bank recapitalization and program review will speed up the process.

The EU official also said a debt relief is possible under conditions, saying “the problem is not if there will be debt relief, but how and on what conditions,” and continued “obviously there will be conditions for the new debt relief: [for the government] to implement the program fully and to be clear as to its long-term policies.”

He also said the EU will have to see how unexpected developments will be incorporated in the process.

“It’s important to have a stable government that will implement the program.”

Asked about reports claiming there will be an increase in employer contributions to social security, Costello replied this would not help the creation of new jobs and that the reforms must be seen in their entirety.

He also noted the institutions are expecting proposals from the Labour ministry, possibly in December, in order to start talks on reforms.

The conference is organized by the American-Hellenic Chamber of Commerce.

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