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The National Bank of Greece has decided to exit the aid package for the banking system of 28 billion euros, which was granted in 2008 after the height of the international economic crisis. The last general meeting of shareholders decided to buy back the preferred shares worth 350 million euros. This was announced by Reuters, citing the official bank spokesman Costas Kalitsis.

Banking analysts estimate that a separation from state aid and the successful raising of the bank's capital in mid-October this year, its shares will become more attractive to investors. At the same time continues the process of preparing the sale of 20% of the share capital of the Turkish Finansbank, which the National Bank of Greece holds. According to experts its value reaches 6.5 billion euros and the sale of the 20 percent would bring according to the initial estimates around 1.3 billion euros to the Greek commercial bank.

And while the National Bank of Greece is getting back up on its feet and looking for a view towards the international markets, the interest rates of the Greek government bonds again reached values known from before the signing of the Memorandum of financial assistance from the spring of 2010. On Friday, the spread index for the ten-year Greek bonds as compared to the German ones reached 922 basis points. The main reason is the uncertainty that shook Greece in the last two weeks. After the statement of Prime Minister George Papandreou, that if PASOK does not win majority in the local elections for mayors and regional governors on Sunday seventh of November, will convene extraordinary parliamentary elections by the end of the year, shocked the public. Expectations are that if it the situation really gets to extraordinary parliamentary elections, the bankruptcy will be inevitable.

At the same time the report of the International Monetary Fund stated that the possibility of declaring controlled bankruptcy of the country is not an option for the future of Greece. According to the IMF in the case of Greece, even if the price of government bonds decreases by 50%, this would lead to a decline in the external debt in relation to the GDP by only about 2.7 percent. This is true because the main problem for debt reduction, especially in developed economies is the reduction in primary surpluses, which will allow more rational debt reduction. The only way the country is to reduce the deficit, is to increase productivity, to enable the economy to move forward.

In the report of the global financial institution is mentioned that the risks in case of a bankruptcy in a developed economy are much greater than in a developing country. The decrease of the wages, shrinking the welfare state and reform in the social security system will be much more drastic for the standard of living in countries like Greece than they would be in other countries outside the European Union. In this regard the measures imposed during the last year are important for the recovery of the local economy and if the Memorandum of financial assistance is strictly implemented, there will be no need of rescheduling or restructuring of the foreign debt.

In the IMF report is stressed that Greece remains vulnerable to international markets. "If the measures included in the program for fiscal consolidation are fulfilled to the last point, markets will notice. This will be translated as risk reduction and a significant reduction in the spread-index," told Reuters the IMF representative Carlo Cottarelli. The expert admitted he could not determine the time when the interest rates of the ten-year Greek bonds will begin to fall. He however said that if international markets are aware of the first positive results of implementing the financial program in 2011 the interest rates on the Greek government bonds may fall again.