Bank of Greece Chief Insists on Precautionaly Credit Line after Bailout Program

Bank of Greece governor Yiannis Stournaras on Saturday stressed the need for a precautionary credit line after the end of the European Stability Mechanism (ESM) bailout program on August 20.

Stournaras spoke at the World Economic Forum in Delphi, saying that it is important, to have a credit line in order to keep the financing cost of the Greek banks stable and to maintain the waiver. He stressed that the central bank is an independent organization and added there will be no compromise on this.

In response to a question from Financial Times’ journalist Tony Barber in connection with his alleged involvement in the Novartis case during his tenure as finance minister, Stournaras noted that the testimonies of the three witnesses are false.

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