{"id":3991,"date":"2023-01-19T16:11:58","date_gmt":"2023-01-19T14:11:58","guid":{"rendered":"https:\/\/hardouvelis.gr\/?p=3991"},"modified":"2023-10-17T14:57:53","modified_gmt":"2023-10-17T11:57:53","slug":"the-greek-economic-crisis-and-the-banks","status":"publish","type":"post","link":"https:\/\/hardouvelis.gr\/el\/the-greek-economic-crisis-and-the-banks\/","title":{"rendered":"The Greek Economic Crisis and the Banks"},"content":{"rendered":"<p class=\"qtranxs-available-languages-message qtranxs-available-languages-message-el\">\u0395\u03b3\u03b3\u03c1\u03b1\u03c6\u03ae \u03b4\u03b9\u03b1\u03b8\u03ad\u03c3\u03b9\u03bc\u03b7 \u03c3\u03c4\u03b1 <a href=\"https:\/\/hardouvelis.gr\/en\/wp-json\/wp\/v2\/posts\/3991\" class=\"qtranxs-available-language-link qtranxs-available-language-link-en\" title=\"English\">English<\/a>. For the sake of viewer convenience, the content is shown below in the alternative language. You may click the link to switch the active language.<\/p><p><\/p>\n<h1><strong><span style=\"font-size: 12pt;\">The Greek Economic Crisis and the Banks, <\/span><span style=\"font-size: 12pt;\">a recent paper\u00a0<\/span><span style=\"font-size: 12pt;\">by Gikas Hardouvelis and Dimitri Vayanos published by <\/span><span style=\"font-size: 12pt;\">GreeSE Hellenic Observatory Papers on Greece and Southeast Europe<\/span><\/strong><\/h1>\n<h1><em><span style=\"font-size: 12pt;\">January 2023<\/span><\/em><\/h1>\n<p>&nbsp;<\/p>\n<p><strong>Abstract from the original paper<\/strong><\/p>\n<h2><span style=\"font-size: 12pt;\">In this paper we review the Greek economic crisis focusing on the banking system. Bank-sovereign linkages were strong during the crisis: banks\u2019 liquidity problems before the sovereign crisis spilled over to the real economy, and more importantly the sovereign\u2019s default rendered all Greek banks insolvent because of their positions in government bonds. The Greek banking system was put back on its feet through a series of recapitalizations, following which industry concentration became the highest in Europe. Banks were slow to reduce non-performing loans (NPLs), which peaked at 48.9% of gross loans, because of their limited capital buffers. Government guarantees for securitizations were finally the key for NPLs to decline close to European averages. Banks\u2019 capital buffers have improved through internal profitability but remain below European averages. Lending to the real economy is low but recovering, and banks\u2019 exposure to the sovereign is again increasing.<\/span><\/h2>\n<p>&nbsp;<\/p>\n<p>The paper is available at:\u00a0 <a href=\"http:\/\/hardouvelis.gr\/wp-content\/uploads\/2023\/01\/GreeSE-No180.pdf\">Download paper<\/a>\u00a0 or <a href=\"https:\/\/www.lse.ac.uk\/hellenic-observatory\/publications\/greese-papers\">LSE Hellenic Observatory Papers on Greece and Southeast Europe \u2013 GreeSE Paper No.180, January 2023<\/a><\/p>\n<p>&nbsp;<\/p>","protected":false},"excerpt":{"rendered":"<p>\u0395\u03b3\u03b3\u03c1\u03b1\u03c6\u03ae \u03b4\u03b9\u03b1\u03b8\u03ad\u03c3\u03b9\u03bc\u03b7 \u03c3\u03c4\u03b1 English. For the sake of viewer convenience, the content is shown below in the alternative language. You<\/p>\n","protected":false},"author":1,"featured_media":4650,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[8],"tags":[3241],"yst_prominent_words":[1862,89,82,3123,3122,345,1142,3114,3116,3118,3117,3119,3120,3121,1281,3124],"class_list":["post-3991","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-press-articles","tag-recent-articles"],"acf":[],"_links":{"self":[{"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/posts\/3991","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/comments?post=3991"}],"version-history":[{"count":3,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/posts\/3991\/revisions"}],"predecessor-version":[{"id":3995,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/posts\/3991\/revisions\/3995"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/media\/4650"}],"wp:attachment":[{"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/media?parent=3991"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/categories?post=3991"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/tags?post=3991"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/yst_prominent_words?post=3991"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}