BoG Gov. Stournaras: Precautionary credit line not a new memorandum

19 April 2018
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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.

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