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How will Greece come out of this crisis? There are various scenarios. Reuters talks about possible suspension of debt payments. Bloomberg’s analysts believe that Greece will come out of the Eurozone. NurieliRubini insisted for quite some time that both will happen. How the National Bank of Greece considers these options?

We do not share these views. I say this because I have a closer look at the problems and difficulties we are facing now. And not only we but also the economies of neighboring countries in Southeast Europe, where we have a very strong presence. A large part of the profit of the National Bank of Greece and from its activity in general is generated from this region. This gives us a great advantage in this period of crisis. Everyone has the right to analyze. But if we look at all the historical analysis, made in connection with the sources of problems in the past 30 years, it is apparent that hardly all of them occurred. We believe that what the Greek economy is currently trying to do is right and the first signs are positive. We have a mechanism to support both Greece and the whole Eurozone. Part of it comes in Greek banks. We have an ambitious and rigorous plan for reforms. It clearly shows where we are going to. It is gradually becoming clear to all that this is the only way out. Initial results show the plan is effective. I think the direction the Greek economy has chosen is the one we should follow. I deliberately use that phrase because we all are part of it, not just the government or a bank.

In other words, Greece will not reschedule its debt?

At this point and with the numbers we have, and the direction in which to develop, and if we achieve the objectives set out in the plan, because we may not reach them. But all of us who deal with economic support such measures, a decision will be found. There is no doubt that the finances of thе country experience difficultiest. But at this stage, Greece has chosen the only possible way. Nobody can tell what will happen after 3,5 or 7 years. What one can tell is whether he believes in his choice for Greece and its economy. This is the way we should follow.

The shares of the Greek banks dropped a lot lately and they should be very attractive to investors. However, the investment bank JPMorgan recently advised them: “do not rush to buy Greek banks, they may not recover from the crisis.” How would you comment this call?

I will not comment on it. We do not comment on what foreign analysts say, although we follow it carefully. I would say that price drops of banks are logical in view of the overall macroeconomic instability. The same applies to credit rating agencies. They do not lower the ratings only of Greek banks and enterprises, but of a series of institutions and countries listed on international exchanges. The acts of these agencies have caused serious response not only in Greece but in many places in Europe too. This is a relative phenomenon. When an overall crisis is developing that questions the existence and stability of the Euro it logically affects the shares on the stock exchange. It is not something the banks have caused or that affects only them and decreased their value.

What is the survival plan of the National Bank of Greece in this difficult economic period?

We are doing what the National Bank of Greece has always been doing. We avail of very large capitalization. The National Bank of Greece is one of the banks in Europe with the highest capitalization. It has high rate of liquidity which, especially at this moment, is very important. We have explained to our shareholders, to a wide range of investors, and to our customers and partners that the state of the National Bank of Greece is highly satisfying in view of the circumstances. From now on, we are trying to control and protect the quality of our portfolio, ie quality of loans, which, undoubtedly, is affected by the circumstances. I do not speak of the Greek economy only. It certainly has its influence. I speak of the influence of the whole global economy, not only upon Greece but also on all the countries of Southeast Europe. And, of course, we carefully watch the costs. I mean, control costs, keep the quality of the portfolio, and ensure adequate liquidity thus protecting the high capitalization and the trademark of the National Bank. We managed very well to do this so far. The results show that the bank continues to be profitable in all countries where it is presented. And when this crisis passes away, both on world and Greek level, our bank will be in very good position to continue its pick up.

Have you bought many government bonds?

The National Bank already announced how many bonds it has purchased. Their number is similar to the number of bonds that other banks have purchased and this is not a problem at this time. On the contrary, one of the advantages of the balance of the bank is that it includes a stable variety of risks based not only on Greek bonds, but also on international securities. At the same time, it has developed its balance on the basis of very, very strict bank criteria for funding.