- Greek banking system faces liquidity, capital adequacy challenges
- Must complete capital increases by end of April 2013
- Three large , well capitalised banks will remainafter bank capitalization is completed
- Must speed up structural reforms
- Debt cut deal opens way to economic recovery
- Economy will start growing during 2014, perhaps sooner if reforms are speeded up
- Economy will have shrunk about 24% over the course of 2008-2013 recession
- Will recoup all the cost competitiveness it lost in 2001-2009 next year
- Must focus on on containing recession, curb tax evasion and so lighten the ‘excessive’ burden place on the honest taxpayers
Bloomberg/Reuters reporting