The banking system of Greece at its initial phase was
formed with the direct involvement of the state. In 1828. A National Financial
Bank of Greece to resolve a fiscal and credit problems that have arisen in
connection with the liberation war for independence. The history of the modern
banking system of Greece refers to 20gg. last century, when created or are
being developed such large Greek banks like Bank of Attika, General Hellenic
Bank, Bank of Central Greece, which became the core of the financial and credit
system of the country.
In the development of the banking system of Greece in
1970 90gg. is to improve the mechanism of monetary regulation, primarily by the
Bank of Greece. Establishes a fixed finite growth rates of inflation and GDP,
arrived at through strict control over liquidity and objective information
about the processes occurring in the field of monetary authorities of the
country. Implemented to strengthen and streamline the regulatory framework of
monetary regulation. Such a policy would ensure the flexibility and autonomy of
the exchange rate, which was regarded as a decisive factor in achieving
macroeconomic fundamentals.
In 1981. Greece joined the EU in the financial and
banking system, there have been structural changes in Greece: Bank of Greece in
this period imposes restrictions on deposits in national currency for
non-resident foreigners, the foreign currency debt of commercial banks to
obtain foreign loans by national companies in order to redirect them to
domestic loans, a policy of stable exchange rate.
Accession of Greece to the Economic and Monetary Union
01.01.2001 and integration in the single currency zone to create real
conditions for the transition from a closed economy to an open type of
protectionist social market economy.
A special place in the banking system of the country
is the Bank of Greece, with responsibilities for the development and
implementation of monetary policy to achieve price stability and support for
the state's economic policy. Highlights the state-controlled Greek banks:
National Bank of Greece and Emporiki Bank of Greece, private - Alpha Bank and
Piraeus Bank, and Eurobank Ergasias (with foreign participation).
Due to changes in the banking and credit system of the
EU is actively structural changes in the banking system of Greece. A program of
privatization of state shares in public-Commercial Bank of Greece, as well as
forming new banking legislation that meets the requirements of the EU financial
system.
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