The government, taking into account the independence and charter of the Bank of Greece, is proposing the renewal of the term of current governor Yannis Stournaras, said government spokesperson Stelios Petsas in an announcement on Tuesday.

Estimates of a 10 pct economic contraction this year were excessive, Bank of Greece governor Yannis Stournaras said on Tuesday, and noted he expected the country’s GDP to shrink by 8.0 pct under the worst-case scenario. 

Bank of Greece (BoG) sees growth of 2.4 pct for 2020 and 2.5 pct for 2021, while this year the growth rate is expected to exceed 1.9 pct.