Stournaras: Let's not return to the policies of the past

Economic growth will be the key that will help strengthen social cohesion, Bank of Greece Governor Yannis Stournaras told the Delphi Economic Forum Sunday.

Stournaras reiterated that Greece must persist with reforms, market opening, new technologies, education and its linking with the job market and, above all, must never return to the failed policies of the past.

On non-performing loans (NPLs), Stournaras said that in 70 percent of the cases, the crisis is to blame, since the people who losttheir jobs because of it can no longer service them.

But most of the rest have been abetted by irresponsible policies that have failed to protect the banks from strategic shirkers.

Banks are making a great effort to reduce NPLs and they have declined by 25 billion euros during the past four years, Stournaras said, adding that they still account for an unacceptably...