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General News
Meropi Kyriacou Honored as TNH Educator of the Year
NEW YORK – Meropi Kyriacou, the new Principal of The Cathedral School in Manhattan, was honored as The National Herald’s Educator of the Year.
ATHENS – Piraeus Bank, Greece’s third-largest lender by market value, said revenues from interest and fees that the government is trying to curtail for financial institutions piled up enough to make quarterly profits more than double.
That came to 330 million euros ($357.24 million) for April through June and showed the country’s banks that were rocked during a 2010-18 economic and austerity crisis have rebounded, mostly from shedding mountains of bad loans.
They also were propped up by three state recapitalizations that gave them some 50 billion euros ($54.13 billion) and have recovered, with the government selling off its 27 percent stake in Piraeus Bank.
After selling off bad loans to collection agencies hounding debtors to repay, many who had big pay cuts and tax hikes during the crisis and couldn’t meet their obligations, Greek banks were allowed by the European Central Bank to resume divided payments after 16 years, Reuters noted in a report on their condition.
After massively cutting their bad loan ratios, reducing state participation and turning profitable since, they secured this year an approval by the European
“So far, 2024 is turning into a milestone year for Piraeus. Following the return to full privatization status, the Group paid a cash dividend to its shareholders in July, amounting to 79 million euros ($85.53 million,) the bank said in a statement.
The higher interest margins let the now-privatized bank lift its net profit guidance for 2024 to about 1 billion euros ($1.08 billion.)
That is about 100 million euros ($108.26 million) more than previously estimated and CEO Christos Megalou was upbeat about its prospects of continuing despite government interventions over banks charging high fees and paying little interest.
“I am optimistic about the state of the economy and what has been achieved so far. There is momentum, and if we make the right moves, I see the potential for the economy to continue to grow,” he told Business Daily.gr
“There is a possibility that this rise in GDP will roll over into society and that is something that we all have to keep in mind, and it is possible that this country will try to get closer to the European average,” Megalou said.
“All the banks have managed to significantly reduce bad loans […] It is no longer a problem for the banks. Most of them have been fully recapitalized with 100 percent private capital. They have been able to provide services to Greek society, which are similar to the services provided by credit institutions abroad,” he added.
He said deposits are also rising significantly again with the economy accelerating although high food prices and inflation are still making it difficult for many families to cope with their budgets.
“These deposits enhance Greek banks’ liquidity while net credit expansion helps the economy. And we see this in all sectors of the economy including businesses, not only large ones, but also in small and medium-sized businesses and even in individuals,” Megalou noted.
