The Governor of the Bank of Greece (BoG), Mr. Giannis Stournaras, expressed the opinion that Greece was lucky that the crisis happened then and not now.
“Greece – in addition to the sacrifices of the people and the debt it was asked to settle – was lucky during the crisis because there was leadership in Europe in Germany and France, but also in America, which decided that it should remain in the eurozone. I don’t know if such leadership exists today. Fortunately the crisis happened then and not now”, he pointed out characteristically, in a discussion with Tony Barber of the Financial Times, in the context of the Delphi Economic Forum.
According to him, unlike then, he is no longer worried about the country’s fiscal or financial stability. “I am quiet. I can sleep at night”, he commented, repeating the Bank of Greece’s forecasts for an acceleration of the growth rate of the Greek economy to 2.3% this year and 2.5% in the medium term, well above the Eurozone average, but also a reduction in inflation. “If Greece maintains primary surpluses close to 2% in the coming years and makes the necessary reforms, then it has nothing to fear,” he added.
Asked about the conclusions from the recent meeting of the European Central Bank (ECB), he repeated that the time has now come for the de-escalation of interest rates, without the need for comparison with the corresponding policy of the American central bank, since the data – for inflation, the labor market – they are different. “If the interest rate situation is not corrected quickly, we are endangering the very growth of Europe,” he commented.
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