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Economy

Bank of Greece Chief Warns Against Economic Complacency

ATHENS – The end of the country’s economy being monitored by European Union creditors doesn’t mean there should be any slippage in good governance, Bank of Greece Governor Yannis Stournaras said.

“If we take into account that the vast majority of economists in academia and analysts twice – in 2012 and especially in 2015 – believed that Greece would not manage to remain in the Eurozone, the fact that it is returning to a normal state is a great success,” he told Kathimerini.

Stournas saw the troubles first hand that came with Greece getting 326 billion euros ($323.72 billion) in three bailouts that came with harsh austerity measures aimed at workers, pensioners and the poor while exempting Parliament workers and the rich.

He was a finance minister under a New Democracy government that was one of those that sought aid from the Troika of the European Union-European Central Bank-International Monetary Fund and later the European Stability Mechanism.

“We must make sure not to repeat the mistakes that led us to (austerity): We cannot reverse the correct measures, for example, on pension policy, taxation and fiscal management, which ensured fiscal stability,” he said.

Greece’s economy is on a path to grow 4 percent during the waning COVID-19 pandemic, boosted by what’s expected to be record tourism after two years that saw lockdowns, slowdowns and little international travel being allowed.

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