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Bulgarian C-Bank Head Assuages Fears of Greek Banks Collapse

Business » FINANCE | June 6, 2011, Monday // 15:50

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Bulgarian C-Bank Head Assuages Fears of Greek Banks Collapse: Bulgarian C-Bank Head Assuages Fears of Greek Banks Collapse

Тhe Head of Bulgaria's Central Bank, BNB, Ivan Iskrov, believes Greek banks have the best management in Europe. Photo by Sofia Photo Agency

Greek banks are a warrant for the stability of the Bulgarian bank system, according to the Head of Bulgaria's Central Bank, BNB, Ivan Iskrov.

Iskrov spoke in an interview for the Greek agency AHA-MPA, cited by the Bulgarian BTA.

In the interview, the Bulgarian finance expert dismisses recent publications about looming bankruptcy for Greece; a possible leaving of the Eurozone, and fears of destabilization of the Bulgarian bank system.

According to Iskrov, it is impossible to draw a parallel between the Bulgarian financial crisis in 1996-1997 when many lost their savings and the current situation. He points out the presence of Greek banks in Bulgaria and their functioning and activities on the Bulgarian market are not related in any way with the crisis that occurred 14 years ago.

"We are talking about one of the bank sectors with the highest capitalization and the best management not only on the Balkans, but in Europe. Because of this, these banks are not part of the problem; they are part of the solution. Greece will overcome the crisis with wisdom," the BNB Head stresses.

Iskrov deems media publications about the withdrawal of EUR 1.5 M from banks in Greece overblown and labels them as exaggerations.

The share of Greek banks in the Bulgarian bank system is about 30%.

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