Debt restructuring not an option, National Bank's CEO says

“A haircut restructuring of the Greek debt is not an option, as it would result to the destruction of the country and its return several decades back. These discussions are not making any good. What we have to do is focusing all our efforts to achieve national goals for fiscal consolidation and economic reforms. We can and we must succeed. I am certain we will make it,” Apostolos Tamvakakis, chief executive in National Bank of Greece said on Thursday.

Speaking in Ioannina, National Bank’s CEO presented the fields where the Greek economy could have comparative advantages and succeed certain significant and “fast victories”, while he stressed that: “The National Bank will be present in this effort because it wants to and because it can, thanks to its size, its prestige and its institutional role. This role led the bank in taking significant initiatives. National Bank has not been idle, and it won’t be, it will continue taking large initiatives,” Tamvakakis said, adding that “mergers are an one-way road towards a restructuring of the credit system. The country needs strong banks which will remain Greek,” he noted.

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