BUSINESS

Stournaras: Greece cannot withstand another year of uncertainty

ELENI VARVITSIOTIS

TAGS: Finance

Bank of Greece governor Yannis Stournaras has called for international creditors to provide more detail on the debt relief they will provide the country, while calling for lower primary budget surplus targets.

“The Greek economy cannot withstand another year of uncertainty,” Stournaras told the Economist conference in Frankfurt on Wednesday.

The central bank chief also called for a more “realistic scenario” regarding Greece’s primary surpluses. He suggested a target of around 3.5 percent of GDP until 2020, which should then be lowered to some 2 percent beyond that date.

Speaking at the same conference, Stournaras added that the International Monetary Fund’s assumption of 1 percent long-term growth for Greece was a very pessimistic forecast.

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