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BoG Governor says 2018 primary surplus target unrealistic

BoG Governor Mr. Stournaras said in a letter to FT that it is time to strike the right balance between reforms and debt relief, adding that now Greece needs a new deal with its partners and lenders in order to move forward.

He stressed that it is unrealistic, and socially unattainable, to demand that Greece achieve a general government primary surplus of 3.5%-of-GDP from 2018 and beyond.

He also criticized the EU for breaking its 2012 promise for a Greek debt relief and the threat of Grexit in the negotiations, which deteriorated the effort of the country to exit its crisis.