Up to Euro 100.000
Greece to raise bank savings guarantee to 100,000 euros
08 October, 2008
Following an Economic and Financial Affairs council (ECOFIN)
meeting in Luxembourg on October 7, where Economy and
Finance Minister George Alogoskoufis held talks with his
counterparts, the government has announced that it intends
to raise the legal protection on savings deposit guarantees
to €100,000 instead of a minimum level of 50,000 agreed by
the European Union, in a move aimed at boosting confidence
among depositors as the global credit crisis deepens.
Speaking to reporters after the conclusion of the ECOFIN
meeting, Alogoskoufis said: :"We intend, very soon, to table
an amendment to Parliament, raising the savings guarantee
level from €20,000 currently to €100,000." He added that all
member states would guarantee protection of citizen’s bank
deposits of up to €50,000 for an initial period of a year.
Greece is one of a number of EU states to go beyond the
minimum deposit insurance. The minister also cited a
political commitment by the government to do whatever
necessary to ensure the savings by Greek citizens was valid.
"It is a political commitment we expressively undertaken
last week," he noted.