Greek Government to Push for More Competitive Banking Sector

11:13 10/12/2024 - Πηγή: iEfimerida

The Greek government is planning to introduce measures aimed at improving the competitiveness of the banking sector and ensuring it effectively serves the public, according to Deputy Minister to the Prime Minister Thanasis Kontogeorgis.

In an interview with state broadcaster ERT, Mr. Kontogeorgis emphasized the need for a balanced approach, acknowledging that taxpayer-funded support

since 2019 has helped banks recover.

However, he expressed concern about the lack of credit expansion, stating that "banks must better fulfill their role, particularly in providing more loans, which remains below expectations."

Prime Minister Kyriakos Mitsotakis echoed this sentiment in his weekly briefing, criticizing banks for high fees and limited lending.

He called on banks to "give back" to society by offering more affordable loans and reducing excessive charges, now that they have recovered with the help of state support.

Mr. Mitsotakis expressed his dissatisfaction with the banking sector's performance and announced that the government will soon introduce interventions to ensure banks operate more competitively and responsibly for the benefit of society.

This signals a potential shift in the government's approach to the banking sector, with a greater emphasis on ensuring that banks contribute to economic growth and serve the needs of businesses and consumers. The specific measures to be introduced remain to be seen, but they are likely to focus on increasing competition, promoting lending, and reducing costs for customers.

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