Stournaras: “The bailout review must conclude by the end of 2016”
The Governor of the Bank of Greece Yannis Stournaras underlined that Greece can achieve a 2% primary budget surplus percent next year, warning that the main risk for the economy would be a failure to conclude a crucial bailout review.
From the stand of the American-Hellenic Chamber of Commerce’s annual conference on the Greek economy Mr. Stournaras noted that “despite the positive projections […] serious risks remain”. “The main risk would be the eventuality of failing to reach agreement on the second bailout review and any delays in implementing the program or backtracking” he further explained.
According to the central banker, lowering the country’s primary surplus targets after 2018 to 2% of economic output, from 3.5%, would help boost growth. Mr. Stournaras also urged the Greek government to stick to reforms and privatizations prescribed in its third international bailout.
During his speech the central banker proposed a six-point “road map” so that Greece may overcome the financial crisis. He also recognized that there were significant differences between the IMF and the rest of Greece’s creditors, adding that the reduction of primary surpluses and debt relief measures – such as extending bond maturities by 20 years – will result in a sustainable debt.
You may be interested
Hiker Dies in Accident on Mount Olympus, Second is RescuedPanos - Dec 11, 2017
One of two hikers that became trapped on Mount Olympus has died while the second was successfully rescued in an…
Fourth review of Greek bailout to include all the thorny issues left for lastPanos - Dec 11, 2017
With the third review of the ongoing Greek bailout more-or-less achieved effortlessly and on time, attention will soon turn to…
PM Tsipras: Only with respect to the international law we can live peacefullyPanos - Dec 11, 2017
Only through cooperation, solidarity and respect to the international law and the international treaties as the Lausanne Treaty, we can…