The secret is out

Bank governors have an obligation to talk openly and honestly and to issue warning whenever they see any kind of major danger lying ahead.

Comments made earlier this week by former finance minister and Bank of Greece Governor Yannis Stournaras clearly fulfilled this obligation.

Had he kept quiet, the historians of the future would have blamed him for remaining silent at a particularly crucial moment in the country’s modern history.

During the times of plenty and fake prosperity, all warnings announced by a string of central bank governors ended up going completely unnoticed.

However things are entirely different today.

Absolutely no one is in a position to claim ignorance any longer, no matter where he or she stands with regard to the real issues that the country currently faces.