A series of reforms and privatizations undertaken by the government have created the right conditions for a better banking system in Greece, Economy and Finance Minister George Alogoskoufis claimed on Tuesday while addressing the International Banking Forum organized by the Economist in Athens.

According to the minister, banking was a healthy, productive sector and banks were introducing innovative services. Noting increasing competition within the sector that benefited businesses and households, he said this progress was largely due to the sector's heightened competitiveness.

He attributed this to structural changes and reforms, a series of privatizations and the restructuring of the Agricultural Bank of Greece (ATE). He also pledge to continue reforms with the further privatization of the Post Offices Savings Fund and ATE, while pointing to the government's support of National Bank of Greece (NBG) in its expansion to Turkey, which he described as a historic event.

The minister also referred to the marked progress of the Greek economy, with the improvement of fiscal indicators, falling unemployment, rising exports and increasing interest displayed by foreign investors.

He pledged to continue the government's reform program without wavering, noting that the first cycle of reforms was coming to a close at the end of the government's four-year term and that New Democracy would seek the electorate's mandate to embark on a new cycle of reforms in the next four years.

Source: Athens News Agency

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