Greece Biggest Bank Confident on Economic Recovery

Greece is finally emerging from its deflationary six-year recession and the odds are in favor of not just an economic recovery but also solid investment returns ahead, the CEO of the country’s largest domestic bank told CNBC.

“The opportunity in Greece has not run its course. We’re just starting to get into positive growth territory and that will produce returns which some investors may wish to partake,” Anthimos Thomopoulos, CEO of Piraeus Bank, told CNBC in an exclusive interview.

Greece is expected to see economic growth of around 0.6 percent this year, according to Eurozone estimates, but that follows an around 5 percent contraction last year. In two years’ time, the economy could grow by as much as 3.3 percent, according to the government’s economic projections.

To be sure, the country isn’t out of the woods yet. Greece has the highest unemployment rate in the region at 26.7 percent, with youth unemployment, or for the 15-24 age group, a staggering 56.8 percent.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza