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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Greece’s Central Banker Stournaras says “we don’t need the IMF anymore”
Greece’s influential central banker, Yannis Stournaras, was quoted on Sunday as saying that if the International Monetary Fund wants to leave the Greek program, “it should leave.” Stournaras message fueled speculation ahead of negotiations aimed to conclude the third review of the ongoing bailout. “If it (IMF) wants to leave, …
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Publisher Journalist Vaxevanis arrested for slander following lawsuit by BoG governor’s wife
Greek publisher and journalists Kostas Vaxevanis was briefly detained after the wife of Greece’s central banker Yannis Sournaras filed a lawsuit against him for slander. A day earlier, Vaxevanis newspaper had alleged that Stournaras’ wife was using her husbands’ influence to acquire state contracts for the public relations company. A …
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Greek Gov’t tells central banker Stournaras to stay out of politics
The Greek government told the country’s central bank chief to stay out of politics. On Monday, the Governor of Greek’s Central Bank and former finance minister Yannis Stournaras urged the government to wrap up the second review of the current bailout program. Stournaras warned that the delay in concluding the …
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BoG Stournaras: Greece to ease capital controls soon
Greece will soon ease capital controls further but full liberalization will depend on progress in easing the country’s debt burden, which is also a precondition for entering the ECB’s asset buying scheme, central bank chief Yannis Stournaras said. Propped up by three successive bailouts, Greece hopes to emerge from a …
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Two former PASOK-Ministers claim Greece is being ruled by “officials with psychological problems”
I don’t know if the World Mental Health Day on October 9th had an “inspiring” effect on some people who used to govern Greece. But today a current financial official and a former politician with high profile, both PASOK, claimed that Greece is and has being ruled by people with …
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Financial Police searches BoG governor’s home, seizes his spouse’s files in probe investigation
The chief prosecution for corruption in Athens ordered the search of the home of the governor of Bank of Greece, Yannis Stournaras, in a judicial case that involves his spouse, Stavroula Nikolopoulou. Investigators have reportedly seized documents and electronic files in connection with his spouse’s company, a consulting and advertising …
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Gov’t to ease Capital Controls for “new money”, but Greeks leery due to crisis trauma & tax office debtors-safari
There has been a lot of talk about lifting, easing, twisting or whatevering of Capital Controls but fact is Capital Controls remain in position to safeguard the stability of Greek banks. Mainly for one reason: lack of confidence on the side of depositors. Greeks may have adjusted themselves to cash …
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BoG Monetary Policy Report: High Taxation has recessional effects
In its Monetary Policy Report 2015-2016, the Bank of Greece urges for overhauling of the bailout agreement with 20-year extension of the loans, lower the Primary surplus target to 2%. The report describes the high taxation as “recessionary” and calls for a shift of policy focus towards reforms and privatizations, …
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BoG Stournaras: If agreement on May 24th, Capital Controls will be lifted
Governor of Bank of Greece and former finance Minister Yannis Stournaras told reporters in Thessaloniki on Friday “If we have an agreement on May 24th and everything goes according to plan [he said exactly: according to wish], then capital controls will be lifted.” When he was asked to determine when …
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Rebel Yell: BoG Stournaras warns “Germany is a threat for the eurozone, not Greece”
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 …
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Greek BoG dramatic annual report warns of ‘uncontrollable crisis’, GREXIT & GREUXIT if no deal
The governor of Central Bank of Greece, Yiannis Stournaras wrote his annual report and forwarded it to the Greek Parliament and Tsipras’ cabinet. In his 141-page report Monetary Policy 2014-2015, the former Finance Minister of Samaras-Venizelos government warned that Greece faces an “uncontrollable crisis”, if a deal cannot be reached …
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BoG Stournaras: “Banks are solid, deposits and liquidity safe”
Greek central bank governor Yannis Stournaras said on Thursday that Greek banks were solid and under control, a day after the European Central Bank denied them use of Greek bonds as collateral for loans. “Deposits and liquidity are absolutely safe,” Stournaras, who is also a member of the European Central …
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Yiannis Stournaras is the new Governor of Bank of Greece
For some blessed people the stars are always shining above their heads. Hardly had Yiannis Stournaras lost his job as Greece’s Finance Minister, a new job has been waving to him and thus with better salary and much more benefits. Stournaras’ new job is to be Governor of Bank of …
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