June 29, 2011

Press Release On Greece Economics
The Officers and Directors of the Hellenic American Bankers Association, Inc. (HABA) hope that the austerity measures currently proposed and those already implemented by the Greek government since last summer, will be accepted by the international capital markets as well as the Greek people.  These proposed austerity measures, will have a dramatic impact on the fundamental issues of governance for the Greek State and are critical to earn the near and long term support from key constituents, including the Greek citizens, the IMF, the World Bank, the European community and all the direct and indirect investors; however it is unclear how the country's significant funding needs from a long-term perspective will be addressed.  This is not a uniquely Greek issue as erroneously referred to by the media. It is a pan-European challenge, correctly coined by the capital markets addressing the economic issues also in Portugal, and Ireland.  HABA encourages and promotes plans that will allow Greece to grow its economic base and realize productivity gains employing public-private partnerships for investments in the future of Greece and to solidify its position in the EU.  There is no better opportunity than this for the global Greek community to stand with the people of Greece and their elected officials as they embark on the most painful but required action towards sustainable and responsible fiscal and monetary governance.