Economy Shows Signs of Stabilising - Bank of Greece Governor

The Greek economy is showing stronger signs of stabilization, Bank of Greece governor George Provopoulos said, as quoted by the Athens News Agency-Macedonian Press Agency.

"Forecasts that the recession will end in 2014 are well-founded, provided that there is no political polarization ahead of the European elections," Provopoulos said, as quoted by the news agency.

Provopoulos commented that the credit expansion rate in the 2000-2010 period should not be stigmatized because it offered households the opportunity to take out mortgage loans at logical, easy terms. “Some of us got carried away, probably banks used more flexible criteria. On the other hand, I should have to remind you that this was the spirit of an era, not only in Greece, but globally,” he added.