Speaking to Greek journalists after the end of the Eurogroup, the Finance minister explained that any decisions adopted to reduce the Greek debt will be significantly bound up with the results of stress tests carried out by the ECB in October, both of the Greek systemic banks and of the corresponding banks of other eurozone member states.
Referring to the financial stability fund's 11 billion euros currently available, Stournaras said he was pleased that Greece's ability to use those funds in a more flexible way was formally recognized. More specifically, if Greece does not use the funds for the recapitalisation of its banks, it can use them to reduce the Greek debt or boost liquidity and the economy in general.
Stournaras also stated that the next assessment of the Greek programme would start this summer and would be completed after the publication of the results of the banks' stress tests to be carried out by the ECB.
As for the development programme of the Greek economy presented in the Eurogroup, Stournaras underlined that the 10-year programme was based both on fiscal consolidation and the enhancement of Greek economy's competitiveness.
The Finance minister noted that Greece aimed to exploit the well skilled workforce of the country, while pointing out that the major obstacle in relation to its implementation was the lack of liquidity. The minister also said the contribution of the eurozone's banks to efforts to boost Greek economy's liquidity would be desirable.
Source: ANA-MPA
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