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Retention of profits by reducing costs is one of the challenges facing the Greek banking system, according to Theodore Pepanides from the Greek branch of the consulting firm McKinsey & Company. But: "Unfortunately, the revenues of Greek banks are decreasing much faster than their costs," he stated. The other challenges facing the financial system, according to the consultant, are preserving the quality of the bank assets in a deep recession, deposits outflow and the difficulty in funding the banks, opening them to the Greek government debt, which is estimated at 49 billion euros for the first quarter of 2011 and again deleveraging, which would ensure a healthier profile of funding, independent entirely on the European Central Bank as is the situation at present. "Banks know that it would be much harder to make money from now on. Funding should be competitive, revenues would increase through very intelligent decisions, banks have realized they are accountable to society and this is something that would change the way of their management fundamentally," concluded Theodore Pepanides.

Now is not the time to delay the reforms, was the message of the Senior Resident Representative of IMF in Greece Bob Traa, who also spoke at the forum. "It is clear to all that Greece is at a critical crossroads whether to continue the bold reforms or slow down. The second option, according to us, would be a big mistake. Structural reforms are delayed. If they are not made, the Greek economy will balance at lower incomes and lower standards. This is not our goal, however," he said. In his opinion, the aim of the supervisory Troika is to achieve a balance of higher incomes and higher standards for the population.

How to achieve this? "The government should not simply present, but implement the measures, consolidate public enterprises, restructure the public sector, privatize bravely. The business environment and labour relations should be changed - the practice of collective labour agreements should end, investment procedures should be simplified, closed professions should be opened. The Greek political system should speak with one voice in order to leave no doubts in its partners," said Bob Traa. He called on the Greek banking system to play its role. "It is clear that the crisis has pressed the banks. There is an outflow of deposits due to the recession and because of rumours of debt restructuring. Banks should cut their costs and offer fresh money to the market. The state guarantees for the banks are effective in our opinion. There is uncertainty about how the recession and the financial consolidation would affect them and that is why there is the requirement for greater capitalization. The public sector should be separated from the banking system, all state banks should be privatized, and there should be a merger of banks," were the words of the IMF Resident Representative in Greece.

Asked when exactly the fifth tranche would be paid to the troubled Greek country, Bob Traa answered carefully: "The mission of the supervisory Troika was completed with the consent of both parties (of the government and the Troika) on those parts of the program, on which Greece should continue working until the tranche is paid. As far as the payment itself, I could not say anything. An important meeting of the European Union will be held on the 20^th of June and this issue will be discussed."

At the forum had to speak the Minister of Finance Georgios Papakonstantinou and the Minister of Regional Development and Competitiveness Michalis Chrisochoidis who refused to participate at the last moment because of the ongoing debate of the medium-term program for the economic development of Greece in the Council of Ministers. As to the fundamental question whether banks are in the hands of experienced chess-masters or of adventurous poker players only time would show it.