BoG Gov.: 7 reasons why Greek crisis was so intense and long
- Written by E.Tsiliopoulos
Bank of Greece (BoG) Gov. Yannis Stournaras this week cited seven factors that he claims explain the intensity and duration of the Greek economic crisis over the entire ongoing second decade of the 21st century, speaking at a European Court of Auditors conference.
Speaking days ahead of this Sunday's general election, moreover, the former finance minister echoed poll-leading New Democracy (ND) party's position of fiscal targets needing to be reduced, in order for the Greek economy to post significant growth.
In taking a look at the past, however, he said the initial "bailout formula" erroneously emphasized tax hikes over reforms and privatizations. He also said sequencing of reforms could have been better managed, whereas NPLs remained at a very high percentage in the banking system.
Turning to European creditors, he said debt relief measures should have been extended earlier by the Eurogroup.
Stournaras' entire address is here:
https://www.bankofgreece.gr/Pages/en/Bank/News/Speeches/DispItem.aspx?Item_ID=604&List_ID=b2e9402e-db05-4166-9f09-e1b26a1c6f1b
Related items
-
The true story behind the ruined sulfur mines of Milos
-
Mobile emergency medical unit in the courtyard of the 424 General Military Hospital in Thessaloniki
-
Hellenic Police evict anarchist squat in downtown Athens
-
The gradual lifting of restrictions from December 1 not a realistic goal
-
Private hospital beds requisitioned to help public health system with coronavirus
Latest from E.Tsiliopoulos
- The true story behind the ruined sulfur mines of Milos
- Mobile emergency medical unit in the courtyard of the 424 General Military Hospital in Thessaloniki
- Hellenic Police evict anarchist squat in downtown Athens
- The gradual lifting of restrictions from December 1 not a realistic goal
- Private hospital beds requisitioned to help public health system with coronavirus