Provopoulos Tells To Vima Greece Has ‘Firepower’ for Recovery

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.

Provopoulos said an improved climate after the completion of the country’s debt swap may cause as much as 15 billion euros ($19.8 billion) to return to Greek banks, while the country’s privatization plan may generate as much as 50 billion euros in the years to come, To Vima reported in a preview of a story that will appear in tomorrow’s edition.

Provopoulos told the Athens-based newspaper that Greece’s debt may fall to 116.5 percent of gross domestic product by 2020.

“The latest, most accurate estimates show a debt reduction to 116.5 percent of GDP by 2020,” Provopoulos was quoted as saying. “I don’t believe this target is too optimistic, to the contrary, I believe we can do better.”

To contact the reporter on this story: Eleni Chrepa in Athens at echrepa@bloomberg.net

To contact the editor responsible for this story: Jerrold Colten at jcolten@bloomberg.net

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