BoG’s Stournaras: Accelerate efforts to conclude third review; mandated reforms

19 October 2017
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Bank of Greece (BoG) Gov. Yannis Stournaras on Monday again cited the need for an intensification of efforts to conclude the third review of the ongoing bailout program, as well as all other outstanding reforms emanating from the current program and its updated version last June.

“That’s how discussion over a resolution of the debt will begin, which will allow for the inclusion of Greek state bonds in the Eurosystem … and especially for a smooth access to the markets after the end of the program (August 2017),” he said, speaking at a book launch in the Greek capital.

Stournaras, an influential central banker and a former finance minister in a center-right coalition government, said an improvement in overall economic confidence and an accompanying rise in economic activity will accelerate a return of deposits to the country’s banks. That, he added, will result in a further loosening of capital controls in the country and an even a complete abolition of the measure – a “byproduct” of the shambolic negotiations between Athens and institutional creditors in the first half of 2015.

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