Greek central bank chief says country's reforms have been timid

Greece needs bolder reforms to overhaul its economy and make it more competitive to support its fragile recovery, the country's central bank governor George Provopoulos said on Thursday.

"Regrettably, attempts at structural reform so far have been timid, characterized by wavering and delays," Provopoulos said in a speech to Bank of Greece shareholders.

Provopoulos said that the accumulation of Greek banks' non-performing loans was a cause for concern but reiterated that the country's bank bailout fund HFSF "has a buffer of over 8 billion euros to meet any further capital needs." [Reuters]