27 Feb 2015
Swift fulfilment of the agreement with the euro zone necessary – Bank of Greece’s Stournaras
FXStreet (Mumbai) - During his speech at the 82nd annual general meeting of Bank of Greece shareholders, the Governor Yannis Stournaras urged the Greek government to pursue structural reforms and quickly conclude a final agreement with creditors, warning that failure to do so would put the country's fragile economy at risk.
Stournaras described the recent Euro group decision to extend the rescue plan for Greece as “positive,” as it has averted “a rift with our partners which would have had inconceivable consequences for the Greek economy.”
Key Quotes:
“In order to make the most of this window of opportunity, negotiations with our partners must continue in a spirit of cooperation and trust so that we can soon reach a final agreement that will be mutually beneficial,"
The main changes already implemented “will have to be preserved and consolidated, because they constitute the cornerstone of the expected swing toward a new, outward-looking growth model,”
“the outstanding obligations are fewer and have a lower cost in comparison with the huge volume of changes implemented in recent years and the heavy price that the Greek society has already paid.”
Stournaras described the recent Euro group decision to extend the rescue plan for Greece as “positive,” as it has averted “a rift with our partners which would have had inconceivable consequences for the Greek economy.”
Key Quotes:
“In order to make the most of this window of opportunity, negotiations with our partners must continue in a spirit of cooperation and trust so that we can soon reach a final agreement that will be mutually beneficial,"
The main changes already implemented “will have to be preserved and consolidated, because they constitute the cornerstone of the expected swing toward a new, outward-looking growth model,”
“the outstanding obligations are fewer and have a lower cost in comparison with the huge volume of changes implemented in recent years and the heavy price that the Greek society has already paid.”