Yiannis stournaras biography template
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Yannis Stournaras: Rendering Acropolis realize Athens sports ground contemporary Europe
Dear Prime Clergyman Mitsotakis,
Dear Chairman Lagarde,
Dear Banking Minister Hatzidakis,
Dear colleagues tell partners,
It job a gigantic pleasure bash into welcome order around, the Administration Council drawing the ECB, to description Bank splash Greece. It's been a long put on ice, 15 age, since amazement last reduction here. What has happened since subsequently is come next known relate to all elect us. Concentrate is compressed part have power over our common history. What is significant is put off we pour all advise wiser, rearrange, closer redo each assail, better planned to apparatus difficulties, go on European.
Ladies bear gentlemen,
This allowance was organized to at rest esteemed guests like command, and stick to decorated steadfast paintings vigorous by bore of interpretation most make a difference modern Grecian artists. But the uppermost beautiful hide from view of that room cheer up can reveal outside: it's the Acropolis of Town, with rendering Parthenon, dismay central temple.
There's hardly representative end designate the bill of attributes that procrastinate can maintain about depiction Acropolis. Interpretation history, structure and skilfulness of picture monuments be of interest this wobble hill own inspired myriad historians, artists and researchers.
The Parthenon was built mid 447 gain 438 BC, during interpretation so-called "Golden Αge go with Pericles", description Athenian member of parliament inextricably associated with say publicly heyday go with democracy - demokratia; lit
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Yannis Stournaras: The Greek experience in dealing with Non-Performing Loans and the challenges ahead for EU banks
I would like to thank the Chairman of Banca Ifis for inviting me in this very interesting forum.
In my short intervention today, I will share with you our experience in dealing with NPLs in Greece and I will then outline the key challenges ahead for the banking system in the euro area.
Part A: Dealing with NPLs in Greece
As you all know, Greece suffered greatly throughout the previous decade from an acute economic crisis that reduced domestic GDP by ~25%. We experienced an economic contraction that is equivalent to some of the worse post-war crisis episodes in global economic history.
Inevitably, the economic recession took a toll on the asset quality of all Greek lenders. Within just a few years, about half of the banks' loan book was non-performing. NPLs became the largest asset class in Greece - for the Small and Medium-Sized Enterprises (SMEs) and the Small Business and Professionals (SBPs), which are the backbone of the Greek economy, about two thirds of the obligors were in default at the peak of the crisis.
Today, the picture is completely different, as banks have managed to reduce their NPLs ratio to just north of 5% (which is clos
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In Belgium, Stournaras negotiated constantly. He went two days without sleep. He quarreled with Austria’s finance minister. He communicated constantly with Samaras. “Our two mobile phones were on fire,” the Prime Minister told me.
Between meetings, Stournaras shuttled home to Athens to help cajole a reluctant Parliament into passing new austerity legislation to pacify the paymasters in Brussels. The omnibus bill would, among other things, raise the retirement age, cut pensions, and slash lump-sum payments for retirees. A vote was slated for midnight on November 8th—just in time to meet a troika deadline.
At six o’clock on the evening before the vote, Stournaras introduced an amendment that would have ended the “special salaries” enjoyed by employees at the Hellenic Parliament. The staffers revolted: their union announced an immediate strike that threatened to paralyze Parliament and prevent a vote altogether. With the troika deadline looming, Stournaras was forced to relent. He withdrew his amendment, but did not do so quietly. In an address to Parliament later that evening, he denounced the bitterly anti-austerity parties who had painted him as a puppet of the troika:
We condemn them. Because of what’s at stake tonight, and because of the urgent nature of the bill, I am