Bank of Greece governor and former Memorandum of Understanding II Finance Minister Yannis Stournaras finally ound back to his rebel alter ego of social democracy and other nice stuff. Apparently tied of being a slave of the creditors, rebel Stournaras raised his head and attacked … Germany.
“The present risks to the international financial system are real and not complacency,” Stounraras said during a speech at the presentation of his book «A Financial Crisis Manual – Reflections and the Road Ahead» (Financial Crisis Management Manual).
Analyzing the Financial Crisis Management and the eurozone, Stournaras revealed that it is Germany posing a threat for the eurzone and not Greece.
Yannis Stournaras said that the greatest problem in the Eurozone is not the twin deficits of the countries of the periphery but the record surpluses of Germany that are a direct consequence of policies adopted in response to the crisis.
He stressed that sustainable long-term balance in the Eurozone cannot be achieved without the substantial reduction of this surplus and warned that the correction of this great imbalance is a difficult process and it might create shocks in the world economy, if not done in time.
… and the rebel yell