Lagarde to Mega: «Amazing turnaround» in Greek economy

European Central Bank (ECB) President Christine Lagarde referred to an “amazing turnaround” of the Greek economy, in an interview broadcast Wednesday evening on the prime-time newscast of Athens-based Mega Channel.

She also called for reforms in the country to continue, in tandem with the Greek economy’s transition, while adding that this week’s revelation that Italy’s UniCredit will purchase a 9-percent stake in ATHEX-listed Alpha Bank is a nod towards the restored credibility of Greece’s banking sector.

The influential ECB central banker and former IMF managing director also called on depositors in Greece to negotiate for better interest rates for their savings, rates that often do not keep up with ECB rate hikes, as she said.

Lagarde arrived in Athens on Wednesday for a two-day working visit on the occasion of its governing council meeting in the Greek capital – a development that would have been unheard of several years ago during the height of the economic and political crisis plaguing the country.

Bank of Greece (BoG) Gov. Yannis Stournaras will host the meeting of Eurozone members’ central bankers, along with Lagarde and the six members of the ECB’s executive committee.

The closely watched meeting is expected to focus on the Eurozone central bank’s short-term monetary policy.

While usually convening at the ECB headquarters in Frankfurt, one such meeting is annually held in a member-state’s central bank.

For the Bank of Greece (BoG), the development marks the third time that the ECB governing council convenes in Athens, after 2005 and 2008.

The entire interview is here.