International News: Greece turns to Germany to help develop a public regional bank system

Greek and German public bank working group

Meeting between Economy and Development Minister Yiannis Dragasakis and CEO of Sparkassenstiftung fur Internationale Kooperation Niclaus Bergmann. Photo courtesy HellasJournal.

 

The German Sparkasse, the public banking system that is the backbone of the German economy, will be providing the model and expertise for Greece to create a similar system of regional banks.

As reported in HellasJournal:

“The Economy and Development ministry, in an announcement said the two sides agreed to create a system of regional banks in Greece, including both cooperative banks and financial institutions that will result from the initiative of the country’s regions, with the German Sparkassen offering the necessary know-how.”

The report continues:

“Greece and Germany on Friday agreed to set up a working group to prepare a survey on the institutional framework for the development of a system of regional banks in Greece based on the German Sparkassen model. …

“The Greek minster underlined the significance of financing growth and more specifically financing of enterprises in local and regional level.”

[Read the full article]

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