BoG Governor Stournaras Insists on Precautionary Credit Line

Bank of Greece Governor Yannis Stournaras (AP Photo)

ATHENS – Bank of Greece governor Yannis Stournaras on Saturday stressed the need for a precautionary credit line after the end of the European Stability Mechanism (ESM) program on August 20 at his speech at the World Economic Forum in Delphi.

This is important, as he said, in order to keep stable the financing cost of the Greek banks and to maintain the waiver. He stressed that the Bank is an independent organization and added there will be no compromise on this.

In response to a question from Financial Times’ journalist Tony Barber in connection with his alleged involvement in the Novartis case during his tenure as Finance Minister, Stournaras noted that the testimonies of the three witnesses are false.