Cyprus’s banking system saw deposits shrink by over 6 billion euros in April as the country imposed losses on uninsured savers at Bank of Cyprus Pcl to meet terms for a financial rescue by the euro area.
European Central Bank Governing Council member George Provopoulos said a “normalization” on financial markets suggests the ECB might never need to activate its Outright Monetary Transactions bond-buying plan.
European stocks posted the biggest weekly advance in more than a month amid speculation that central banks will continue to provide monetary stimulus and as a report showed Chinese imports beat forecasts.
Greece doesn’t need to restructure its debt provided the country sticks closely to targets to reduce its deficit, Greek Central Bank Governor George Provopoulos said in an interview with Kathimerini newspaper.
The Greek government needs to make a “groundbreaking” effort to reduce its deficit and debt and implement deeper spending cuts this year to “favorably” surprise markets and overcome a lingering “credibility deficit,” Greek Central Bank Governor George Provopoulos said.
European stocks gained the most in a month, with the Stoxx Europe 600 Index posting its longest winning streak since January, as banks advanced and a report showed Chinese imports beat forecasts in March.
George Provopoulos, the head of Greece’s central bank and a member of the European Central Bank Governing Council, said there is strong “firepower” to restart the Greek economy, To Vima reported, citing an interview.