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BoG Governor: Greece's Recovery Not Sustainable Without New Loans

stournarasGreece’s recovery is not sustainable without new loans, Bank of Greece (BoG) governor Yannis Stournaras said on Thursday.
Speaking at a BoG event, Stournaras underlined that Greece’s recovery has not relied on bank lending so far, which was practically non-existent. However, he warned that this cannot continue anymore, both in Greece and Europe, adding that the economy should register positive rates of credit expansion so that recovery will be sustainable.
Stournaras said that the European Central Bank (ECB) measures have boosted investor confidence.
European Stability Mechanism (ESM) head Klaus Regling, keynote speaker at the event, said that the Greek debt is sustainable; however, he called on the continuation of the country’s structural reforms in order to further improve its competitiveness.
(source: ana-mpa)

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