Athens Macedonian News Agency: News in English, 16-11-09

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From: The Athens News Agency at <http://www.ana.gr/>

CONTENTS

[01] European Commission's autumn forecast sees recovery, stabilisation of growth in Greece

[02] Negotiation on debt a national affair that opposition should support, gov't spokesman says

[03] National Bank elects Panayotis Thomopoulos as chairman

[01] European Commission's autumn forecast sees recovery, stabilisation of growth in Greece

"Economic recovery is expected to return strongly in 2017 with growth at 2.7 pct, on account of the assumed gradual normalisation of the financial sector, which should lead to the gradual relaxation of capital controls over time. Domestic demand is expected to increase, with investment fuelling a positive net exports contribution. Investment is expected to take off in 2017 backed by improved credit conditions and EU funding. Real GDP is expected to continue recovering at a robust pace in 2018, with growth forecast to reach 3.1 pct," the report said.

Regarding unemployment, the report said this was set to continue decreasing from very high levels, while it revised the primary surplus downward in relation to its spring forecast, to 0.2 pct of GDP, and said that Greece's public debt will peak in 2016 at 181.6 pct of GDP before starting to fall in 2017.

[02] Negotiation on debt a national affair that opposition should support, gov't spokesman says

"The alacrity with which ND members, such as Mrs Bakoyannis and Mr. Tsiaras, rushed to forecast the failure of the visit ...causes aversion," Tzanakopoulos commented.

"Regardless of developments in the U.S. the negotiation on Greek debt is a national affair that the opposition has an obligation to support. On the contrary, and at a time when all of Europe is discussing the need for a sustainable solution for Greek debt, ND is rushing to put priority on its own petty party objectives," he added, noting that this followed closely on the "unacceptable stance" displayed by ND leader Kyriakos Mitsotakis when talking to foreign investors a few days ago, "when he took pains to undermine the country's effort to attract investments."

[03] National Bank elects Panayotis Thomopoulos as chairman

In announcement, National Bank said its board convened and resolved by absolute majority upon its reconstitution into a body as follows:

Panayotis-Aristidis (Takis) Thomopoulos, BoD Chairman, Non-executive member

Petros Sabatacakis, BoD Vice-Chairman, Independent non-executive member

Leonidas Fragkiadakis, Chief Executive Officer, Executive member

Dimitrios Dimopoulos, Deputy Chief Executive Officer, Executive member

Paul Mylonas, Deputy Chief Executive Officer, Executive member

Arthur Michael Royal Aynsley, Independent non-executive member

Marianne Økland, Independent non-executive member

Claude Piret, Independent non-executive member

Stavros Koukos, Non-executive member

Efthymios Katsikas, Non-executive member

Spyridon Lorentziadis, Non-executive member

Charalampos Makkas, Independent non-executive member

Panagiotis Leftheris, Representative of the Hellenic Financial Stability Fund

It also appointed Panos Dasmanoglou, Assistant General Manager – Group Chief Compliance and Corporate Governance Officer as Secretary of the Board and its Committees.

It is noted that, in accordance with the provisions of the legal and regulatory framework, the election of credit institutions' board members, is subject to approval and constant review by the Single Supervisory Mechanism (SSM) of the European Central Bank.

Following his election as chairman of the bank's board of directors, Thomopoulos addressed the board members and noted that he will make every effort, in the context of his responsibilities, for "further enhancement and development of the National Bank and for development of its human resources for the economy and society." Thomopoulos noted that this will be done in full cooperation with the Chief Executive Officer, but also with the Bank's main shareholder, the Hellenic Financial Stability Fund".

The bank's Chief Executive Officer Leonidas Fragiadakis stated that "the National Bank will dynamically continue implementing its strategy with a view to achieving targets and actions of the restructuring plan. In this context, the bank will continue operating with dedication to corporate governance rules and with respect to the supervisory authorities, its shareholders and its customers. Additionally, Fragkiadakis stated that the National Bank, acknowledging the significant role of the Hellenic Financial Stability Fund as main shareholder, "will contribute with all its powers to further enhancement of cooperation with the HFSF, in the context of the principles deriving from the legal and regulatory framework".

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