Many may consider it odd or inexplicable, and yet it is an indubitable fact.

Greece has entered the group of countries that can borrow with a negative interest rate.

After the issuance of a 10-year bond that yesterday had an historic low below-zero interest rate, we saw the interest rate was marginally negative.

Greece has clearly benefited from the large liquidity of international markets and the longstanding low interest rates in the bond markets.

That favours all businesses which want to issue debenture bonds to deal with the large cost of borrowing from Greek banks.

The great paradox here is that the Greek state is borrowing at the same rate as many EU countries.

Greek businesses which due to their size or other factors cannot turn to international markets are either excluded or borrow from the banking system at rates with which they can retain their competitiveness.

The Greek banking system which is mired with the huge burden of non-performing loans is essentially unable to play its proper role.

The result is that many businesses including those which focus on exports are trapped in a vicious circle and are unable to confront their competitors and to modernise.

As long as banks labour under the weight of non-performing loans (NPLs), there can be no hope.

Either with the much-touted Iraklis plan or in any other manner the banking system must be cleaned up.

If Greek banks do not as soon as possible acquire access to funding that is similar to other EU countries growth will remain weak.
Funding for certain large investment projects which can be drawn from other sources is not enough.

It is absolutely necessary that robust businesses and those which require a dynamic restart and those that may be created now must have access to funding so that they will not be strangled.

There is no longer any room for postponements or power plays.