The governor of Greek Central Bank said on Thursday that he expects consolidation moves in the country΄s banking sector to take place this year, according to Reuters.
“(Greek) banks are in a difficult phase because of the fiscal crisis. 2011 will be a year of restructuring, mergers and cooperation,” Bank of Greece head George Provopoulos after a meeting with President Karolos Papoulias.
“I believe that because of current conditions it will not be long before (mergers happen),” he said.
Provopoulos, also an ECB Governing Council member, said he was neither optimistic or pessimistic on the outcome of a euro zone summit on Friday to agree on further steps to contain the region΄s debt crisis.
“We must not expect too much or too little. The economy΄s problems must be solved in Athens, not in Brussels,” he added.
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