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ECONOMY
"Markets Wait" to see if Athens will honor the commitments it has made for the post-Memorandum period and leave our country if they see a delay in the reform front , warns the governor of the Bank of Greece
skai.gr
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In an interview with the Financial Times, published 20 days ago before the completion of the third support program, Mr. Stournaras pointed out that ""
As soon as Greece's foreign loans expire, "the markets will adopt a firm approach, they want to see how we will behave after August 20, "said Stournaras. "If they feel like they're back, they'll be gone." "They feel we're honoring our commitments, they'll give us an opportunity."
It is clear that it would be wrong to believe that the debt settlement agreement is enough to rebadure investors. The June agreement within the Eurogroup ensures that the costs of servicing the public debt will be very low by 2033 – when its viability will be revised – while the economic staff will put in place a Budget "cushion" supposed to meet the needs of the country for the first inter However, FT points that the warning of Stournara reflects the concerns that Athens will be under pressure not to implement some measures, such as the reduction of pensions in 2019, the reduction of the tax-free in 2020 or the sale of lignite units of PPC
Given the challenges faced by the country, the European Commission has decided that in the first post-Memorandum, Greece is the first country to be placed under enhanced surveillance. This should last at least until 2023 and includes four visits by European auditors a year and an in-depth monitoring of tax performance
On the Banking Front M. Stournaras noted that commercial banks should look for more sales of white-collar workers and put more pressure on strategic bad payers. "We need to be more ambitious in reducing nonperforming loans," he said.
Finally, he stressed, the Greek political order must guarantee that the country does not fall back into such a crisis. "The minimum expectation is that the political system has been taught by its mistakes and will not repeat it."
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