PMs Economic Office chief on Credit Suisse: “Greece is among the safe countries”

“Greece is among the safe countries and our banking system is making profits while confidence has been restored,” the head of the Prime Minister’s economic office, Alexis Patelis, told SKAI channel.

“If we were in 2019 or 2015, we would also be in the center of investors’ attention,” he pointed out.

Mr. Patelis yesterday, with his post on Tik Tok, made his assessments on the influence in Greece of the banking crisis that has erupted in the last 24 hours.

The well-known economist assures that our country will not experience anxieties similar to those of the past, as “it is not at all like before”, excluding the possibility of capital controls and fears of deposit haircuts.

Patelis’ statement in more detail:

We saw the collapse of SVB in America and Credit Suisse’s troubles in Europe. No one knows how the global banking scene will develop, however our country is not at all, not at all, as it was before.

Let’s remember the capital controls and the fears of cutting deposits. These are not going to happen again.

We read that a technology company publicly states that it is moving its money from the US to Greece for safety.

Of course, a lot of work has been done in recent years with the Heraklis program, which reduced bad loans in Greek banks and we are in single digits. Imagine if we were still at 2019 levels.

Greek banks currently have one of the highest deposit-to-loan ratios in Europe and the regulatory framework is very strict.

Rising interest rates worldwide will continue to create problems for the global economy and markets, but our country is no longer at the center.

We must continue with the same commitment to the stability of our country and to the strengthening of institutions.