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BoG: Greek Economy at the crossroads

04 January 16 | Yiannis Stournaras
Yiannis Stournaras

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“The successful conclusion of the first evaluation will have a significant impact on the confidence climate as it will mark the return of deposits to the banks and the beginning of discussions on a series of positive acts,”

 

Bank of Greece governor Yannis Stournaras said in an interview with Greek newspaper on Sunday.

The Greek economy at the beginning of 2016 is on a critical crossroad, Stournaras said and explained:

"It is ahead of the first evaluation of the new financial program which includes two very important and sensitive prior actions: the completion of the social security reforms and the rationalisation of taxes on farmers.”

He also said that the negotiation for the conclusion of the evaluation will have to be completed at a Eurogroup level as the situation in the European Union makes it highly dangerous to transfer it at an EU Council summit level.

Stournaras expressed optimism that Greece is very likely to succeed despite the mistakes of the past by both the Greek side and the creditors.

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