BoG Gov. Stournaras: Precautionary credit line not a new memorandum
Bank of Greece (BoG) Gov. Yannis Stournaras on Wednesday warned that if a precautionary credit line is not desirable after the current bailout ends in August – a prospect that the current government is loath to consider – then other alternatives should be sought, so the possibility of a waiver is not lost.
Speaking at an event of LSE graduates in Greece in the evening at the Acropolis Musuem, Stournaras emphasized that a precautionary credit line “in no way equals a new memorandum”.
“… advantages of a waiver are significant for the borrowing costs of Greek banks, the Greek state, businesses and households, and should not be ignored,” he said.
Additionally, he said sustainable growth in the medium term depends on three conditions:
– An economic policy that focusing on preparation for the timely completion of the fourth and last review of the current program
– A detailing of medium-term debt relief and restructuring measures by European creditors, and,
– The complete lifting of capital controls after the third bailout ends.
You may be interested
The must-visit churches in AthensPanos - May 24, 2019
Most people visiting Athens know the city is packed with ancient ruins, archaeological sites, and museums. Turn a corner in…
Mustaches protect men from cancer, study saysPanos - May 24, 2019
For all of those men who view a mustache as a largely ornamental addition to their masculine appearance, a new…
Greek-American composer Olivia Hadjiioannou wins top award at Festival in CannesPanos - May 24, 2019
Greek multi-instrumentalist and composer Olivia Hadjiioannou won the Best Music Video award for Red Lion in the inaugural French Riviera…