The Governor of the Bank of Greece Yannis Stournaras advocated for the early repayment of loans that our country received under the first Memorandum, arguing that today Greece represents an example of resilience and stability. Specifically, Mr. Stournaras, speaking at the Athens International Investment Summit (AIIS), emphasized that “the government’s commitment to early repayment of official sector loans sends a strong message of fiscal discipline and confidence. The planned repayment of GLF loans worth €31.6 billion by 2031 – a full decade ahead of schedule – will accelerate debt reduction, limit future financing needs and strengthen the country’s creditworthiness. By enhancing fiscal credibility, this initiative not only reduces the required future fiscal adjustment, but also contributes to ensuring intergenerational justice, relieving future taxpayers of part of today’s fiscal burden.”
The Bank of Greece governor predicted that the direct effects of new tariffs are expected to be limited, as the US is not a major trading partner for our country. He added that the current account balance is expected to improve in 2025, supported by the resilient performance of exports, the rise in tourism receipts due to the extension of the tourist season, and the reduction in interest expenses due to falling interest rates.
“Greece today is an example of stability, resilience and opportunity – a strategic investment gateway to Southeast Europe. The economy has proven its ability to withstand shocks, restore fiscal discipline, clean up its banking sector and attract international investment,” Mr. Stournaras concluded in his remarks.
