Greece must step up its efforts to cut its budget deficit, George Provopoulos, the country’s central bank head, was quoted as saying on Wednesday.
The breathing space provided by the second bailout package should be used «not only to put the program back on track, but to go beyond the targets of the program,» Provopoulos, who also sits in the European Central Bank’s Governing Council, told news agency Bloomberg in an interview.
“We have to work hard, indeed much harder from now on.”
Euro zone leaders agreed on a 109 billion euro ($158 billion) package for debt-stricken Greece last week.
Provopoulos also told Bloomberg that he saw no evidence of higher commodity prices seeping into other prices as of now.
Inflation expectations remain firmly anchored, he said, but added the central bank would raise rates were inflation picture to darken.
“If there are inflationary pressures we’ll act accordingly,» Provopoulos was quoted as saying. [Reuters]