Stournaras sees re­ces­sion bot­tom­ing out soon

Kathimerini English - - Front Page -

Greece’s cen­tral bank main­tains a fore­cast of a mild 0.3 per­cent con­trac­tion in out­put this year as the govern­ment has pro­posed a fur­ther eas­ing of cap­i­tal con­trols in the country, Bank of Greece Gover­nor Yan­nis Stournaras said yes­ter­day. Stournaras told Par­lia­ment there were grow­ing in­di­ca­tions a re­ces­sion in the country was bot­tom­ing out, but said there should be no com­pla­cency in pur­su­ing re­forms out­lined in a multi-bil­lion-euro bailout deal with in­ter­na­tional cred­i­tors. “Any de­lay in adopt­ing re­forms and pri­va­ti­za­tions which are out­lined in the pro­gram could stunt an ex­pan­sion in out­put, re­sult­ing in fresh un­cer­tainty, a cli­mate of trust un­der­mined and weaker prospects of fi­nally ex­it­ing this cri­sis,” said Stournaras. The pol­i­cy­maker, who also sits on the gov­ern­ing coun­cil of the Euro­pean Cen­tral Bank, said he ex­pected the country to show signs of re­turn­ing to growth in the sec­ond half of 2016. For the whole year, he main­tained his fore­cast of a 0.3 per­cent drop in out­put, af­ter a 0.2 per­cent de­cline in 2015. The econ­omy was ex­pected to grow 2.5 per­cent in 2017 and 3 per­cent in 2018. Those pro­jec­tions, he said, were based on the as­sump­tion that un­cer­tainty would abate, there would be a resur­gence in de­mand and the ECB’s mone­tary pol­icy would re­main “ac­com­moda­tive.”

Pa­pas­tratos Most Ad­mired. To­bacco firm Pa­pas­tratos ranked top of the Most Ad­mired Com­pa­nies in Greece 2016 list, com­piled by KPMG for US mag­a­zine For­tune. ‘Our re­ward is the ac­knowl­edge­ment of the work Pa­pas­tratos has steadily con­trib­uted to Greece’s econ­omy for 85 years,’ said chair­man and CEO Chris­tos Charpan­tidis.

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