Financial stability was safeguarded by the bank of Greece with the support of the government During the crisis, Greek banks were cut off from international markets and, until June 2012, experienced an unprecedented outflow of deposits, equivalent to one third of the deposit base. In response, they resorted increasingly to short-term financing from the Eurosystem.
We already work closely with our counterparts in the major industrial countries as well as in international forums such as the Basel Committee on Banking Supervision and the International Organization of Securities Commissions (IOSCO). To the extent possible, we should work toward common principles and approaches as well as improved information sharing.