Greek Central Bank Governor sees recession bottoming out

13 July 2016
755 Views

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.

You may be interested

PM Mitsotakis cites Greek Constitution to back mandatory vaccinations
GREECE
shares15 views
GREECE
shares15 views

PM Mitsotakis cites Greek Constitution to back mandatory vaccinations

makis - Jul 23, 2021

Prime Minister Kyriakos Mitsotakis cited the Greek Constitution in response to those opposing mandatory Covid-19 vaccination during his meeting with…

Who Has Spent The Most Time In Space? (infographic)
WORLD
shares27 views
WORLD
shares27 views

Who Has Spent The Most Time In Space? (infographic)

Panos - Jul 22, 2021

As Russia celebrates 60 years since Yuri Gagain became the first person to orbit the Earth, the state of space travel looks…

What Do Americans Think Of Famous Billionaires? (infographic)
FINANCE
shares28 views
FINANCE
shares28 views

What Do Americans Think Of Famous Billionaires? (infographic)

Panos - Jul 22, 2021

Hot on the heels of fellow billionaire Richard Branson, Amazon founder Jeff Bezos is set to blast into space. He…

Leave a Comment

Your email address will not be published.