Greek Central Bank Governor sees recession bottoming out

13 July 2016
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Greece’s Central Bank maintains a forecast of a mild 0.3 per cent contraction in output this year as the Government has proposed a further easing of capital controls in the country, Central Bank Governor Yannis Stournaras stated on Monday.

Stournaras told Parliament there were growing indications a recession in the country was bottoming out, but said there should be no complacency in pursuing reforms outlined in a multi-billion euro bailout deal with international creditors.

“Any delay in adopting reforms and privatisations which are outlined in the programme could stunt an expansion in output, resulting in fresh uncertainty, a climate of trust undermined and weaker prospects of finally exiting this crisis,” outlined Stournaras.

Greece is expected to post a 0.9 per cent primary surplus – which excludes debt servicing costs – this year, exceeding its 0.5 per cent target, he added.

Additionally, Stournaras called on Greece’s creditors to reduce its bailout target to two per cent from 3.5 per cent after 2018.

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