Stournaras: Greek Economy to Recover with 5.5% Growth in 2021 after 6% Contraction

ATHENS – The Greek economy will contract between 4.5-9.5 pct this year, Bank of Greece governor Yannis Stournaras said on Monday. Addressing a parliamentary commission to support his nomination for another term at the helm of the central bank, Stournaras said he expected the Greek economy to then recover at a rate of 5.5 pct GDP growth in 2021 but noted that the pandemic was causing uncertainty "since a lack of a vaccine maintains this sense of fear and creates conditions of stagnation and possibly fears of stagflation if it continues."

He said that Greece had been successful in dealing with the pandemic and had thus laid the foundations for as shallow a recession as possible. Stournaras said the basic scenario for the Greek economy forecasts a 6.0 pct recession in 2020 and a 5.5 pct recovery in 2021. He added that credit expansion was estimated at 15 billion euros at least this year and noted that Greek banks were fully covered, in terms of liquidity and capital, in order to help preserve the productive fabric of the economy.



LONDON — Europe prepared to lead the world in regulating the freewheeling cryptocurrency industry at a time when prices have plunged, wiping out fortunes, fueling skepticism and sparking calls for tighter scrutiny.

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FALMOUTH, MA – The police in Falmouth have identified the victim in an accident involving a car plunging into the ocean on February 20, NBC10 Boston reported.

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NEW YORK – Meropi Kyriacou, the new Principal of The Cathedral School in Manhattan, was honored as The National Herald’s Educator of the Year.

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PHILADELPHIA – The Federation of Hellenic Societies of Philadelphia and Greater Delaware Valley announced that the Evzones, the Presidential Guard of Greece will be participating in the Philadelphia Greek Independence Day Parade on March 20.


Woman Fatally Shot while Pushing Stroller on Upper East Side

NEW YORK — A 20-year-old woman was fatally shot Wednesday night while she pushed her infant daughter in a stroller on the Upper East Side, police said.

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