Bank of Greece sets out drastic cost-cutting measures

The Bank of Greece today confirmed the content of a leaked letter from the Greek governor, George Provopoulosto, to the president of the European Central Bank (ECB), Mario Draghi, which detailed the ways it has acted to slash costs.

The letter, which was sent on September 18, revealed that operating expenses have been reduced by 21% in the last two years thanks to a variety of measures including "sharp" reductions in overtime pay and travel expenses, and a 40% downsizing of the Bank's network of