BoG Gov. Stournaras again calls for precautionary credit line after bailout ends in Aug.

13 February 2018
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Influential Bank of Greece (BoG) Gov. Yannis Stournaras on Monday repeated his position that a precautionary credit line would assist the Greek economy after the end of the current – third – bailout in August, saying such a prospect would keep borrowing costs low and aid the country’s full return to sovereign money markets.

He emphasized that this was particularly important if conditions in global markets worsened.

Stournaras’ insistence on the benefits of such a precautionary line, however, have repeatedly clashed with the leftist-rightist coalition government’s favorite scenario of a “clean exit” from the memorandum era, or, more recently, a “loose supervision” by creditors without the attached “life line”.

Speaking at an event held by the Hellenic-Spanish chamber of commerce in Athens on Monday, he cited “positive prospects” for the Greek government, under the condition that all reforms and privatizations are implemented normally and within the agreed to timetable – echoing the leitmotif of European creditors vis-a-vis Greece.

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