The financial sector is primarily a place of social responsibility, Dragasakis says

Viable and just development requires social responsibility by the financial sector, Deputy Premier and Minister of Economy & Development Yiannis Dragasakis said at the Conference on Ethics and Alternative Banking on Thursday.

"The financial sector is primarily a place of social responsibility; profit is a term of sustainability, it is an instrument and not an end in itself. Meeting the needs of society, reducing inequalities, and achieving growth without restrictions is the goal of sustainable and fair growth," Dragasakis said.

The conference, held at the Athens Chamber of Commerce and Industry, also looks at the financing of innovative startups from the aspect of economic and social sustainability.

The minister referred to the new Greek Development Bank, which he said has been approved and is now being set up.

He also said that over 30 targeted financial tools and programmes are being implemented. They include funding of 7.8 billion euros and opportunities of activating investments worth over 22 billion euros over the next three years.

"Thanks to the great effort of the Greek people, Greece has been out of the (fiscal adjustment) memoranda for almost a year. Today we are achieving positive growth rates. The aim is for growth to be accelerated, but above all to be sustainable and fair," Dragasakis pointed out.

The government's priorities in the financial sector have focused from the start on restructuring systemic banks and reducing bad loans, and on developing an alternative system of financing tools, he noted.