Greece will return to positive economic growth rates in the second half of 2016, Mihalis Sallas, chairman of Piraeus Bank said on Tuesday.

Speaking to reporters, he said he was surprised by announcements made by foreign analysts which were making an effort to create a recessionary environment for the Greek economy this year.

“These estimates come in full contrast with our estimates and the climate we see from the business world and foreign investors. Similar, or even more extreme estimates had been made by the same experts in the recent past and were rebuffed” Mr. Sallas said.

“The Greek economy has still to resolve a lot of its structural problems, but I believe that a timely completion of the first review, a speedy implementation of a privatization program and a new development law will help the economy to respond positively returning to positive growth rates in the second half”.

Mr. Sallas also stressed that the economic recovery will be based on higher performance in tourism, a speedy implementation of a Public Works Programme, improved liquidity and boosting investments in infrastructure projects.