Last Update: 12:21
Asked who is to blame for the delay in the completion of the review, the central banker said all sides share a part of the responsibility.
“It may be a tactic, but it is in our power to refute it. And I say this because we have a lot of experience now. We have been negotiating since 2010. Of course, BoG’s choice is to make the agreement now, which is a much better scenario than all the others. It will be good for the economy to close [the review] now. Unfortunately we do not have time, because we are very close to the German, Dutch and French elections. A few months later, things will be worse,” he said.
Commenting on the creditors demand for a lower tax-free threshold, he said this can be implemented through rationalization and a tiered system. Stournaras also said he wasn’t opposed to the idea of legislating measures in advance, noting the 3.5 percent primary surplus target can be achieved, on condition that a reverse mechanism will be put in place to abolish austerity measures when the country achieves its goals.