The evolution of banking in Greece: Sustainability insights and future predictions post-crisis

Abstract

This study aims to investigate the evolution of the Greek banking sector, focusing on the challenges posed by the 2009 financial crisis and the subsequent efforts to rebuild and modernize the industry. It seeks to provide insights into the sector's historical trajectory, current dynamics, and future potential for sustainable growth. Theoretical Framework: The research is grounded in historical and economic analyses, examining the interplay between systemic vulnerabilities, regulatory reforms, and global financial trends. Concepts such as economic resilience, environmental, social, and governance (ESG) criteria, and digital transformation form the theoretical basis of this study. Method: The study adopts a qualitative approach, utilizing historical records, policy documents, and secondary data to trace the development of the Greek banking system. The analysis is structured to examine key historical periods, crisis responses, and post-crisis transformations. Results and Discussion: The findings reveal that the 2009 crisis exposed systemic inefficiencies, leading to significant reforms, including recapitalization, regulatory alignment with European standards, and digital modernization. However, challenges persist, such as adapting to ESG requirements, technological advancements, and competitive pressures. The discussion contextualizes these findings within the theoretical framework, highlighting opportunities for innovation and sustainability.