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Tag Archives: Stournaras

Greek economy to grow faster than expected, says Bank of Greece

The Greek economy will grow faster than the expected average rate of 2% in the next decade because of specific reasons, the Bank of Greece’s governor Yannis Stournaras said on Wednesday. Addressing an EIB’s event in Athens, the Greek central banker said these reasons were: the unusually high private sector …

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ECB must keep buying bonds to cushion Ukraine fallout, says Bank of Greece governor

The European Central Bank (ECB) should continue its bond-buying stimulus programme at least until the end of the year and keep it open-ended to cushion the fallout from any conflict in Ukraine, ECB policymaker Yannis Stournaras told Reuters. He was the first ECB official to spell out how events in …

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Bank of Greece governor predicts GDP growth over 6% in 2021

Bank of Greece governor Yannis Stournaras appeared even more optimistic about the future of the Greek economy than the government in an interview with Politico on Tuesday. Stournaras estimated that GDP growth in 2021 will exceed 6 percent. In fact, he predicted that the country’s GDP at the end of …

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Stournaras: SYRIZA asked Russia to print Drachmas in 2015

We have a lovely expression in Greek: περσινά ξινά σταφύλια literally translated into “last year’s sour grapes.” We use it to declare that something we hear or learn we have been known already. The governor of Bank of Greece, Yannis Stournaras, apparently has run out of points of criticism to …

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BoG governor sees growth potentially exceeding 3% after 2020

Bank of Greece  governor Yannis Stournaras estimated that growth rates could rise higher than 3 percent after 2020, given the right conditions. However, the Bank of Greece estimated that GDP will grow by 1.9 percent this year, while in 2020 the growth rate will exceed 2 percent. Speaking at an …

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Novartis scandal: Prosecutor drops probe into BoG governor Stournaras

A prosecutor dropped the probe into governor of the Bank of Greece, Yannis Stournaras, after finding no evidence linking him to claims by the former government in connection with the Novartis bribes scandal. The shelving Thursday of a legal suit against him involving Swiss drugmaker Novartis, officially ended a “brazen …

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Bank of Greece Monetary Policy Report 2018-2019 warns of Economy risks

Governor of Bank of Greece, Yiannis Stournaras has warned of the risks of the Greek economy  claiming that the primary surplus will not be at the calculated level, growth will be lower, and that the profitability of the banks will not be the expected one. These are the crucial highlights …

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No fiscal space left in 2019 for more benefits, says BoG Stournaras

The governor of Bank of Greece Yannis Stournaras sounded warning bells over the current Tsipras government pre-election measures, saying there is no “fiscal space” this year for further benefits beyond those foreseen in the currently executed 2019 budget. The one-time finance minister, before 2015, again reinforced his reputation as a …

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Bank of Greece lowers growth prospects for 2019 to 1.9%

The Bank of Greece on Monday lowered growth prospects for 2019 to 1.9 percent, from a previous forecast of 2.3%. It said that the country’s GDP grew by 1.9% in 2018, down from an initial 2.1 pct growth rate. The state budget envisages a growth rate of 2.5 pct this …

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Mitsotakis & Stournaras agree: Greeks need neo-liberal policies in pensions, health care

Neo-liberal policies will be implemented in the social security and pensions sector, should New Democracy come to power. ND leader Kyriakos Mitsotakis and Bank of Greece governor, Yannis Stournaras, fully agree on that. New Democracy (ND) leader Kyriakos Mitsotakis pledged to abolish the so-called Katrougalos law that cut pensions once …

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Alt Health Minister records phone-call with BoG governor, leaks it to the press

Alternate Health Minister Pavlos Polakis has reportedly recorded a phone conversation with the governor of Bank of Greece, Yannis Stournaras, and leaked the content to a SYRIZA-friendly media outlet, Greek media report on Tuesday. In the focus of the conversation were the two “consumer loans” totaling €100,000 Polakis took from …

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Bank of Greece’s plan to reduce non-performing loans by €40billion

The Bank of Greece is reportedly drafting a plan to reduce non-performing loans of Greek systemic banks by 40 billion euros. The plan will be included in a Financial Stability report to be released by the end of the week, reports Athens news agency amna on Tuesday citing sources. The …

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Bank of Greece links recent plunge of banks stocks to “interest rates rises”

The Bank of Greece has linked the latest developments in the Athens Stock Exchange and the plunge of Greek banks stocks to exogenous factors such as rises in interest rates internationally and in Greece’s neighbouring countries in particular. In a statement issued on Wednesday, the Bank of Greece stressed among …

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Greek households & businesses still keep billions under mattresses or abroad, says BoG governor

The governor of the Bank of Greece, Yannis Stournaras, has said that Greek households still keep their money away from the banking system because they are afraid of their savings. He claimed that 12 to 14 billion euros are under mattresses and that businesses have another 10 billion euros abroad. …

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Bank of Greece governor Stournaras sues witnesses in Novartis bribery probe

Greece’s central bank governor on Wednesday filed a lawsuit against two witnesses who reportedly claimed he was among several senior politicians who received illicit perks from embattled Swiss pharma giant Novartis. Yannis Stournaras’ office said in a statement the two protected witnesses, known only under their aliases, should be punished for …

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Greece, creditors resume talks on “reforms” and “fourth review”

Greece and its foreign creditors resumed talks on Monday over a set of reforms the country needs to implement before its multi-billion bailout program expires in August. Privatizations, electronic property auctions, an elimination of tax breaks in certain islands, labor and energy sector reforms, and measures to make Greek public …

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Prime Minister’s office attacks BoG governor as “a failed finance minister”

The Greek government and the Prime Minister started a war against the Governor of the Bank of Greece, Yannis Stournaras, and officially described him as “a failed finance minister”.  The war broke out just hours after a BoG Interim Report on the Monetary Policy 2017 suggested a “Memorandum Light” for …

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Greece needs a “precautionary support program” after Aug 2018, says Bank of Greece

BoG governor Yannis Stournaras and the Bank of Greece claim that Greece will need a “precautionary support program” after the current fiscal adjustment program concludes in August 2018. In the Interim Report on Monetary Policy 2017, the Bank of Greece says among others: “Such a precautionary support framework should assist …

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Greece probes Central Bank governor Stournaras over alleged leak

Greece’s central bank governor is under investigation by an anti-corruption prosecutor over the alleged leaking of an auditor’s report on Piraeus Bank, a troubled Greek lender accused of violating capital controls imposed at the height of the country’s financial crisis. Citing “two sources with knowledge of the case,” , a …

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