According to the Bank of Greece, the decision to establish a post-programme support arrangement should reflect the need to ensure smooth financing of Greek banks (including the continuation of the waiver) and the Greek economy in the event that Greece’s credit rating remains lower than investment grade and especially if international financial market conditions deteriorate. 6.
For our business sector, including banks, this generally meant lower cost of doing business. As an industry, our banks continued to gain strength, achieving faster growth in terms of resources, capitalization, and profitability in 2007.