ENGLISH EDITION

In an exclusive interview to Business Daily, Mr. Yiannis Stournaras talks about the economy, the grate opportunity of the Recovery Fund but also about the banking system.

Although the business plan had been drawn up well before the onset of the pandemic, which drastically changed conditions, cash inflows achieved by doValue remain strong and exceed the cost of state guarantees and other expenses, while a significant capital reserve has been formed.

In particular, Greece is the most expensive EU country and second most expensive in the wider European area with 173 points in the European Price Index in telecommunications.

According to the Medium Term plan, the support package will be withdrawn next year, drastically lowering cash costs for the state to 2.079 billion euros from 15.611 billion euros, which means savings of 13.532 billion euros.

The concession of land to strong groups in order for them to build their headquarters is also being considered, amid rumors of interest from at least two banks.

Credit risks are expected to increase in the near future, exposing banks to the formation of high-end provisions that will hurt their results, at a time when they need internal capital formation to deal with losses from loan securitizations.

The management of Lamda announced yesterday that the first two presentations will take place in the first 15 days of July and will concern the architectural plans of the first residential tower in Greece and the development of the coastal front.

One of the points that made an impression from Mytilineos’ comments was the announcement that in coming days there will be news about an agreement with PPC concerning the new electricity tariff agreement with Aluminum of Greece.

At the Extraordinary General Meeting, quorum exceeded 57 percent, with the vast majority of shareholders supporting management’s plan for the capital boost.

For the first time in history, the transport of goods from Asia to Europe exceeded the $10,000 mark and this represents a blow to both exporters and importers, whose supply chains are being pushed to their limits.