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Public Lecture

The Road to Recovery: can Greek banks revive the real economy?

 
Speaker :

Nikolaos Karamouzis
Chairman of the Board of Directors, Eurobank Ergasias SA; Emeritus Professor, University of Piraeus

Chair :

Dimitri Vayanos
Professor of Finance, Head of the Department of Finance; Director, Paul Woolley Centre for the Study of Capital Market Dysfunctionality, LSE

Date :

Monday, 31 October 2016

Venue :

Wolfson Theatre, New Academic Building, LSE campus

Time : 18.30-20.00
Poster    

The event was organised by the Hellenic Observatory, LSE in collaboration with the Hellenic Bankers Association, UK.

The Greek economy, having suffered a multi-year, double-dip recession, record unemployment, anemic investment and high public debt, is in urgent need to return to a path of strong and sustainable economic growth. This is the main priority of economic policy as it is both the targeted cure for the economic malaise, as well as a key prerequisite for the success of its third Adjustment Programme. While the steady and timely implementation of the reforms and fiscal consolidation measures contained in the agreement is a necessary condition for the resumption of growth, several additional pre-conditions have to be met. Perhaps the most important of all concerns is the ability of Greek banks to provide the credit needed to support economic growth. This, in turn, depends on the degree of success in dealing with four key challenges ahead, namely, restoring normal liquidity conditions, successfully managing a large stock of bad and problematic loans, reducing official sector interference in banking operations, and tackling the sweeping, transformational changes now gripping the European banking sector as a whole. Greek banks have more than adequate capital to simultaneously fund economic growth and effectively reduce the large stock of bad loans. However, improving the liquidity situation, hinges upon the Greek government demonstrating a convincing commitment to implementing the program and key economic reforms, as well as pro-market and pro-growth economic policies. Restoring market confidence in the Greek economy and proper business climate are a sine qua non for a Greek economic recovery. To this end, a number of front-loaded, bold policy initiatives are proposed. Those could arguably lead to a substantial reduction of risk premia and interest rates, resumption of positive credit expansion, significant repatriation of deposits and widening possibilities for Greek economic agents to raise debt and equity internationally on attractive terms.

 

Biography

Mr. N. Karamouzis holds the position of the Chairman of the Board of Directors of Eurobank Ergasias S.A.. He is the Chairman of the Strategic Planning Committee and Member of the following Board Committees: Risk Committee and Nomination Committee. He is also Member of the Bank’s Legal Counsel.

He has an extensive experience in the banking sector. He has served as CEO of GENIKI Bank, Member of Piraeus Bank Group, as well as Advisor to the Management and Member of the Strategic Planning Committee of Piraeus Bank Group, Deputy CEO of Eurobank group for 14 years, in charge of Wholesale Banking activities, Deputy Governor of the National Bank of Greece, Chairman of the Hellenic Investment Company, Deputy Governor of the Hellenic Bank of Industrial Development, Director of the Foreign Exchange Division of Bank of Greece and Adviser to the Federal Reserve Bank of Cleveland (USA).

He holds the positions of Vice Chairman of the Board of Directors of the Hellenic Bank Association (HBA) and the Hellenic Federation of Enterprises (SEV), Member of the Board of Foundation for Economic and Industrial Research (I.O.B.E) and of Eurobank Cyprus Ltd and Chairman of the Hellenic Advisory Board, South East European Studies at Oxford (SEESOX), St Antony’s College, Oxford University. He has served as Chairman of the Board of Directors of Global Finance S.A., Vice Chairman of the Board of Directors of the Association of Greek Tourism Enterprises (SETE), Member of the Board of Directors of Olympia Development S.A, Mytilineos S.A., Hellenic Telecommunications Organization (OTE S.A.) and Chipita S.A.

Mr. N. Karamouzis holds the position of Emeritus Professor at the University of Piraeus in Greece and held until September 2013 the position of Professor at the Department of Banking and Financial Management at the same University. He has taught at the Pennsylvania State University, Case Western Reserve University, Athens University of Economics and Business and Deree College in Athens. He has numerous publications in professional journals, magazines, books and newspapers and has given many lectures, speeches and presentations at conferences and events. 

He holds a Bachelor Degree in Economics from the University of Piraeus, a Master Degree in Economics from the American University, USA and Ph.D. in Economics with specialization in Monetary Policy and International Finance from the Pennsylvania State University, USA.

VIDEO

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