Yannis Stournaras on SKAI 100.3: The Greek economy is doing well, but let’s not spoil it ahead of the elections – Live

The central banker, Yiannis Stournaras, sent a warning to the political system to be careful with the finances in view of the elections via SKAI 100.3.

“I would tell the political system that we are doing well, but let’s be careful not to spoil it in the run-up to the elections,” he characteristically said while talking to Aris Portosalte.

For investment grade he said that its achievement in 2023 should become a national goal, for which there should be an alignment of the parties. The Governor of the Bank noted that the investment grade will bring money to Greece in a difficult period.

Listen to the interview HERE.

Key points of the interview:

• I would say to the political system that we are doing well, but let’s be careful not to spoil it in the run-up to the elections
• Greece has performed better than the eurozone average, but caution is needed as we have recently come out of intensive.
• 2023 will be a difficult year not only for Greece.
• Generally on benefits: because inflation has soared, the vulnerable must be supported. At the ECB we have a motto that a support cost must be undertaken but it must serve the three T’s: be temporary, targeted and tailored, otherwise we will get into trouble again
• The horizontal 10% as long as it is financed by taxation of surplus profits, from sky-high profits, we are neutral regarding this measure, we cannot judge the measure in terms of politics.
• Measures must be targeted and temporary and cover the most vulnerable
• We are doing well in the fight against tax evasion, but we can do better.
• The commissions of the banks in their total income are very small compared to what is done in the eurozone. Clearly they have to do the best they can where they can in procurement.
• Deposit rates: Banks are raising them, especially the smaller ones first, competition is at work.
• The key interest rate will go until March to 3%
• There is no provision for a dramatic increase in bad loans
• Vulnerable borrowers: Banks have better systems now and monitor it better so that these loans don’t go red, it’s in their best interest.
• In 2023, Greece will have a positive growth rate, while the rest will have either 0% or negative.
• Inflation this year in Greece is at 5.8%
• Swiss franc loans: banks are doing everything they can, but there can’t be general provision, because it will create a big problem, general regulation can’t be done, because banks have costs to do that.
• The smaller banks need to be strengthened, you see they started with the fee cuts and interest rate hikes.

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