What’s worrying Stournaras

Bank of Greece Governor Yannis Stournaras is understood to be concerned about the course of the country's economy regarding its long-term sustainability and about the convergence of the incomes of Greeks with that of their European peers, wondering, "Why do we consume so much and why don't we save?"

The BoG chief intends to provide scientifically documented answers, putting the issue at the center of the central bank's study in the near future. Essentially, he intends to open the discussion on Greece's distorted production model and the scope for its change, worrying it will take 20 years of high growth for Greece to match the EU average.

What upset the governor, also on the back of the occasion of the recent report by the European Commission where the structural weaknesses of the Greek economy are pointed out, is that consumption in Greece still constitutes almost 70...