The meeting between Economy and Development Minister Yiannis Dragasakis and Niclaus Bergmann. AMNA

Greece and Germany on Friday agreed to set up a working group to prepare a survey on the institutional framework for the development of a system of regional banks in Greece based on the German Sparkassen model.

The agreement was reached during a meeting between Economy and Development Minister Yiannis Dragasakis with the CEO of Sparkassenstiftung fur Internationale Kooperation Niclaus Bergmann.

The Economy and Development ministry, in an announcement said the two sides agreed to create a system of regional banks in Greece, including both cooperative banks and financial institutions that will result from the initiative of the country’s regions, with the German Sparkassen offering the necessary know-how.

Dragasakis said that Greece’s main priorities -in the new phase after the end of memoranda- were implementing a development strategy and drafting a new 10-year growth plan for the period 2020-2030. The Greek minster underlined the significance of financing growth and more specifically financing of enterprises in local and regional level.

The head of Sparkassen expressed his satisfaction over the completion of the adjustment programme, the country’s entry into a growth course and the stabilization of systemic banks. He presented the German experience that has played a positive role in dealing with crises and supporting regional growth, while he noted that German Sparkassen were not interested in expanding in Greece but they were ready to offer expertise and know-how to the Greek side.

Source: AMNA

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