Bank Account Holders in Greece: Protect Your Account Balance and Qualify for Deposit Insurance Repayment When Banks Fail or Stop
Greece is a country located in southeastern Europe. It is bordered by Albania, Bulgaria, Turkey, and the Mediterranean Sea. Greece is the birthplace of democracy, Western philosophy, and the Olympic Games. Its culture and history have been influential throughout the world. The country has a population of around 10 million and an area of 131,957 km². Its capital and largest city is Athens. The official language is Greek, and the currency is the euro. Greece is a developed country and its economy is based on services, industry, and tourism. It is a member of the European Union and NATO. Greece is renowned for its ancient history, its stunning coastline and islands, its vibrant culture, and its delicious cuisine.
The Greek economy is currently recovering from a deep recession that lasted from 2008 to 2018. Even though positive economic growth is visible, the economy remains fragile whilst historically being highly dependent on external aid from the European Union, International Monetary Fund and European Central Bank. Unemployment is still high at around 20 percent and the public debt is still quite large at around 180 percent of the country’s Gross Domestic Product (GDP).
The European Sovereign Debt Crisis
The European Sovereign Debt Crisis began in late 2009, when Greece was unable to meet its debt obligations. These debt problems uncovered a much larger problem in the European Union: the lack of a unified fiscal and economic policy. Greece was only the first of many countries whose debt issues exposed the vulnerability of the eurozone and its common currency, the euro.
The crisis was further exacerbated by the inability of Greece, Ireland, Portugal, and Spain to manage their debt and deficits in the wake of the global financial crisis. In addition, the crisis was exacerbated by the austerity measures imposed on these countries as a condition of their bailout packages from the European Central Bank and the International Monetary Fund.
The crisis has had a profound impact on the eurozone, causing economic stagnation and high unemployment in many countries. It has also forced the European Union to create a number of measures to address the crisis, such as the creation of the European Financial Stability Facility, the European Stability Mechanism, and the European Central Bank’s Outright Monetary Transactions program.
Although the European Union has taken numerous steps to address the crisis, the long-term effects remain uncertain. The success of the measures taken thus far will depend on the ability of European leaders to work together to create a unified fiscal and economic policy that is sustainable in the long run.
The Greek Banking System
The banking system in Greece is mainly composed of four large private banks and one public bank. The four private banks are Alpha Bank, Eurobank, National Bank of Greece and Piraeus Bank. The public bank is the Bank of Greece, which is the central bank of the country. All the banks offer a wide range of services, including loans and mortgages, savings accounts and credit cards. The banking sector in Greece is highly regulated and overseen by the Bank of Greece, which is responsible for setting monetary policy and ensuring the stability of the banking system.
In addition to the four private banks and the Bank of Greece, there are also a number of smaller regional and cooperative banks, as well as several foreign banks with branches in Greece. These banks offer a variety of services, including online banking. Most banks in Greece also offer ATM services, allowing customers to withdraw cash from their accounts.
The banking system in Greece is generally considered safe and reliable, although there have been some issues in recent years due to the financial crisis and domestic debt problems. However, the government has taken steps to improve the financial stability of the banking system and to protect customers from potential risks.
Bank Resolution and Bank Liquidation in Greece
The procedures for bank resolution and bank liquidation in Greece are governed by the Bank of Greece and the EU Resolution Framework. These procedures involve the identification of a failing bank and the appointment of a resolution authority to take control of the bank and its assets. The resolution authority then proceeds to assess the bank’s assets and liabilities and determine the best course of action for the resolution of the bank. This could include restructuring the bank’s debt, liquidating the bank, or transferring the bank’s assets and liabilities to another bank.
In the event of liquidation, the Bank of Greece is responsible for identifying the buyer of the bank’s assets and liabilities and for determining the conditions of the sale. The proceeds of the sale are then used to repay the bank’s creditors and any remaining funds are distributed to the bank’s shareholders.
Bank Deposit Insurance in Greece
The mandate for bank deposit insurance in Greece is given to the Deposit and Investment Guarantee Fund (DIGF). Following the European guidelines, the fund provides a guarantee of up to €100.000 for bank account holders (per person, per bank) in case of a bank failure. The DIGF covers all deposits held in Greek banks, including savings, current, and term deposits. The guarantee applies to domestic and foreign currency deposits. The DIGF is funded by contributions from the financial institutions it covers and the Bank of Greece. The DIGF is also backed by a full guarantee of the Greek government.
Contact us for More Information:
This website is an initiative of Legal Floris LLC. Since more than a decade, we have helped international creditors recover money when their bank fails or their investments disappear. Due to our vast experience in dozens of bank failures in different countries, we are able to maximize repayments and minimize risks for our clients. Contact us right now to find out how we can help you too to reclaim your account balance:
- Visit: www.depositguaranteeclaim.com/free-case-evaluation
- Call: 00357 25 057 544 or 001 646 513 2855
- Email: [email protected]
- Complete the contact form below: