Recap key to growth
The Greek banking system has paid a heavy toll for the bankruptcy of the state and will continue to do so. We must not forget that banks were instrumental in Greece’s success in becoming a regional force in the southern Balkans. The recapitalization of local banks can be achieved despite the odds and help them stand up on their feet again. The completion of the recap and the strong presence of private investors would first of all ensure that Europe’s lifeline to Greece continues and, second, that the country will finally re-enter a phase of growth and development.