Greece has been invited to become the sixth member of the BRICS New Development Bank (NDB). An institution seeking to compete with Western dominance and become a counterweight to the IMF.
The invitation came on Monday during a telephone conversation between Greek PM Alexis Tsipras and Russia's deputy finance minister Sergey Storchak, according to a statement on Greece's Syriza party website. Tsipras thanked Storchak, who's currently acting as NDB representative, called the bank's invitation “a happy surprise” and expressed interest, saying he would “study the proposal in detail”, the statement said.
The intention to examine the potentials that the proposal offers was also expressed by deputy PM Yannis Dragasakis during a meeting he had with the advisory committee of the Hellenic Bank Association. Dragasakis informed HBA members about the possibility of Greece joining the NDB and appointed as the person responsible for the negotiations Panagiotis Roumeliotis, Financial Advisor to Management for Bank of Piraeus.
Issues of liquidity, the contribution of the banking sector to crack down on tax evasion, improvement of the collectibility of public revenue and efficient use of European development projects were the issues put at the heart of the agenda. During the meeting the idea to form a Task Force agency to take steps to implement reforms was agreed. The Ministry of Finance, the Bank of Greece and the Hellenic Bank Association will all participate in the agency and within a 30 days time-frame will prepare a strategic plan for the further development of digital transactions and to decide on the measures that should be taken in order to reduce the circulation of “real” money.
The Greek government seeks further cooperation with the HBA in order to maximize the potentials that emerge from Development Initiative Programs, such as the Juncker Investment Plan. Finally deputy PM Yannis Dragasakis also informed HBA members about the progress being made towards the foundation of a Greek National Development Bank.