Greece must move beyond program targets, Provopoulos says

“A second support package offers a breathing space and we must take advantage, not only to achieve the targets of the program but to go beyond them. And of course we can do it, since this will improve market sentiment,” George Provopoulos, Bank of Greece’s governor told Bloomberg on Wednesday.
The central banker noted that time would be need for Greece to overcome its problems, adding that “our European partners did what it is necessary. The ball is on our side now and we have to work hard”.
Provopoulos noted that if Greece adhere to its adjustment program strictly and consistently, the country could return to market sooner. The central banker estimated return to positive growth rates from 2012, less than 1.0 pct, and above 2.0 pct from 2013.
Commenting on the banking system, Provopoulos said “it is not the source of the crisis, but instead a victim of a fiscal crisis in the country”. He added that the decision taken in an EU Summit improved sentiment in the market and said that saving deposits have started to rise in the last few days.

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