Stournaras: Greece’s ‘active participation in euro area of utmost importance’

24 February 2017
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Bank of Greece (BoG) Gov. Yannis Stournaras on Friday told the central bank’s shareholders that Greece’s continued membership in the common European currency is imperative for the east Mediterranean country and its “survival” in a very competitive international economic environment.

Stournaras, a former finance minister in previous coalition governments before leftist SYRIZA assumed power in January 2015, also reminded that the crisis-battered country has received more bailout money, as a result of its Euro zone membership, than it could have expected if it had not been in the Euro area.

“For Greece, active participation in the euro area is of the utmost importance for economic, social as well as national reasons. It is a vital condition for surviving in a turbulent European and international environment; it provides an anchor of economic, social and political stability. And we must not overlook the fact that in the course of history no country has received more financial assistance than Greece, which would not have been possible outside the euro area,” the influential Greek central banker told participants at the annual general assembly meeting BoG shareholders in Athens.

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