If that is through budgetary support the government may be more than compensated through increased revenues from and valuations of PSBs. Semantics of shadow banking 12. The role of the ‘shadow banking system’, defined as ‘credit intermediation involving entities and activities outside the regular banking system’, as a source of systemic risk was an important learning outcome of the global financial crisis.
The important thing is that Greece and its partners trust each other again. On this basis, there will be room for manoeuvre when it comes to adapting the programme after the elections, for example in terms of labour market reforms and tackling vested interests, provided that the objectives of the programme are met.