Rising from its ashes
Greece achieved three significant milestones:
- Balancing its budget – before debt repayments
- Issuing government debt in financial markets in 2017
- Generating 2.5% GDP growth in 2017 (BNP Paribas forecast).
Greece’s economy is expected to gather steam in 2017 if relations with creditors remain confident and the banking sector keeps recovering. Its economy and exports are still weakened by the capital controls in place since June 2015. However, Greece can rely on its tourism sector, which provides 18% of its gross domestic product. In addition, Greece is notably the world leader in the maritime shipping industry, possessing the largest merchant marine fleet in the world.
Linking investors to greek markets
BNP Paribas Securities Services has been in Athens since 1997. Throughout these years, even during the crisis, we have always been at the forefront of major market evelopments and enjoy excellent relations with Greek market authorities.
Despite the introduction of capital controls in 2015 and heightened financial uncertainty, we managed to stay close to market authorities and get legal opinion on the legislative acts, in order to provide our clients with updated information and high quality services.
We are actively involved in market initiatives and practices. In 2015, the successful and seamless implementation of T2S was a demonstration of our commitment to this major market change. The transfer to the new platform took place without any business disruption.
Furthermore, in Greece, we are seen as the voice of the non-resident investors thanks to our unique leadership positioning in the country and our global experience as a major international bank. Our strategy is to continue steady growth over the next years by developing our client asset servicing and reporting and by continuously investing in new technologies. An upgrade in our internal and external connectivity infrastructure has recently been performed. This secures the system and connection efficiency.
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