National Bank president in Cyprus

President of the National Bank of Greece and of the Greek Banks Union Vassilis Rapanos said here on Thursday that "the crisis is an opportunity for the Greek economy to find its dynamism again and become a model of growth again," while ruling out the possibility of bankruptcy and assuring that "the achievements so far are considerable and the adjustments and reforms that took place in the past year have no precedent in the recent history of Greece."

Rapanos was speaking on the theme of "The Greek Banking System and the economic crisis," at an event of the Cypriot Chamber of Commerce and Industry.

He said that a return to positive growth rates in Greece is expected as of 2012, lower however than those of the 1996-2007 period. He also said that low inflation is expected, about 2 percent which is the target of the ECB, while expected are a decrease in spreads, a considerable decrease in fiscal deficits and the creation of first stage surpluses, revenues from privatisations about 7 billion euros in the 2011-15 period (about 1 billion euros in 2011), a close watching by the troika of fiscal adjustment and a considerable decrease in real salaries, with a smaller repercussion on low incomes.

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