Coeure congratulates government on progress recorded
In the first public statement by an ECB executive after the end of Greece’s bailout program, European Central Bank Governing Council member Benoit Coeure – who in recent years has closely followed and dealt with the Greek case – congratulated the Greek government on the progress recorded, but avoids saying that the mission has been accomplished yet, in an interview with Kathimerini newspaper.
He does acknowledge that the Greek people have suffered over the eight years of the austerity program and that mistakes have been made, such as the delay in addressing state debt relief. “In hindsight one could argue that the drafting of the programs could have been more efficient regarding the support of social protection networks and the combating of profiteering,” he said to Kathimerini.
Relations with investors and the markets will be no easier for Athens than those with the country’s creditors, he warned.
Regarding the financial sector more specifically, the new legislative framework provides much better support for reducing non-performing loans (NPLs) compared with the situation a couple of years ago. This will help banks support economic growth and job creation more effectively.
Source: amna-mpa
