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April 20, 2012 12:30 PM ET
Paul Mylonas – General Manager, Strategy and Governance
Apostolos Tamvakakis – CEO
Anthimos Thomopoulos – Group CFO, Deputy CEO and General Manager, Retail Banking
Stefan Nedialkov – Citigroup
Heiner Luz – Goldman Sachs
Antonio Ramirez – KBW
Paul Formanko – JP Morgan
Good afternoon, ladies and gentlemen, and welcome to the announcement of Full Year 2011 Results. My name is Faye and I will be your coordinator for today’s conference. For the duration of the call, you’ll be on listen-only. However, at the end of the call, you will have the opportunity to ask questions. (Operator Instructions)
I’ll now hand you over to your host to begin today’s call. Thank you.
Good afternoon. Paul Mylonas from NBG. I’m here with our CEO Apostolos Tamvakakis, Deputy CEO, Anthimos Thomopoulos; CFO Bambis Mazarakis and from Global Markets (inaudible). We will start today with an introduction from Apostolos and then Anthimos will go through the more integrity of the results and then, we’ll have the Q&A. So start with Apostolos.
Thanks, Paul. Good evening, ladies and gentleman. In my brief introductory remarks, I’d like to provide you with my thoughts on the challenges facing the Greek banking system in general and what NBG’s strategy is.
First few words regarding the Greek macroeconomic environment. Greece has agreed with its international partners to Europe and the IMS on the new adjustment program. Through its generous financial support, it provides Greece more time to implement a very ambitious overhaul of its economy. The aim is to return to the primary surplus and push the GDP growth from 2015 and then. The significant debt reduction achieved by the surplus is another significant milestone which provides appropriate condition for Greece to return to a sustainable growth path.