Stournaras tells gov’t to introduce reforms

Bank of Greece Governor Yannis Stournaras sent the government a clear message on Wednesday to move ahead with the implementation of the necessary reforms, telling an event that “this is not the time to throw in the towel. We have covered 90 percent of the adjustment required.”

Addressing an event organized by the Greek Association of Branded Product Manufacturers, titled “Growth Has a Name and Surname,” Stournaras said: “The Greek economy has the potential to shift rapidly to a growth course. The indications are encouraging indeed, but they do not justify any complacency or relaxation of efforts. On the contrary, what is required now is greater persistence and consistence and an acceleration of the reform effort.”

Stournaras – Greece’s finance minister from 2012 to 2014 – also argued that the various forms of resistance to structural reforms comprise one of the main reasons behind the prolonged recession: “The recession would clearly have been shorter had structures been modernized,” he said.

Other reasons he cited included the reluctance of all governments to date to take ownership of the bailout programs, and the polarized conflict between the government and the opposition with the absence of any consent.