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  • Mounting tensions between government, central banker

    Yannis Stournaras reiterated that it is preferable to have a precautionary credit line, in order to be able to confront all eventualities after the completion of the ongoing, third bailout programme.

    ΤοΒΗΜΑ Team

    Tensions are mounting between the government and Greece’s central banker, Yannis Stournaras, over the Bank of Greece Governor’s insistence that Athens request a precautionary credit line, to safeguard the economy when the country completes the current fiscal adjustment programme in August.

    Addressing the annual general meeting of shareholders, Stournaras repeated what he had underscored in his interim report on monetary policy, which is that it is preferable to have a precautionary credit line, in order to be able to confront all eventualities after the completion of the ongoing, third bailout programme.

    On the other side, the General Secretary of Fiscal Policy, Frangiskos Koutentakis, directly criticised Stournaras’ positions and statements.

    Koutentakis argued that the position of the Bank of Greece is rendering more difficult the government’s aim of a smooth exit from the current fiscal programme.

    The government has long insisted that it is preparing for a “clean exit” from bailout supervision.

    In order to achieve this, it is building up a 15-20 billion euro cushion, to bolster the economy in the event that problems arise in borrowing from the markets.

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