Financial News: BoG chief calls for 'powerful jump-start' of reform effort

Greece's central bank chief stressed the need for a powerful jump-start of the reform effort and also consensus of the political and social forces of the country so as to safeguard, "as the highest national duty", Greece's European perspective, in a newspaper interview appearing on Sunday.
George Provopoulos, governor of the Bank of Greece, said in an interview with Kathimerini newspaper that Greece's time for convincing the eurozone and the markets that it can handle the problem of the debt's viability was "running out", warning that "whoever thinks that if Greece leaves the Memorandum we will return to the previous condition is making a big mistake".

He said there are no alternative solutions outside the Memorandum.

"Preservation of the delusions undermines the rallying of society in the great effort. In this rallying, we all have the duty to shoulder our share of the responsibilities," said Provopoulos, who also criticised the government, however, of delays and omissions in the materialisation of the Memorandum, which, he said, have harmed the country's credibility and increased the uncertainty.

The central bank governor further warned that the government's Medium-Term fiscal programme does not place adequate emphasis on containing expenditures, while the burden on the taxpayers has exhausted their limits.
Stressing that the banks are not at risk, he noted however that they need to adapt their business model on the basis of a total re-establishment of forces.

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