Bank of Greece

Bank of Greece Governor Yannis Stournaras on Monday stressed the need to seek and activate instruments such as a bad bank, as the so-called Hercules Asset Protection Scheme (HAPS) is considered insufficient, while he also recommended taking recourse to the credit line of the European Stability Mechanism (ESM).

Greece's central banker said on Monday he will advise the government to make use of the cheap, long-term credit lines that will be made available by the Pandemic Crisis Support fund of the European Stability Mechanism (ESM).

Bank of Greece Governor Yannis Stournaras expects the country's economy to contract by 6% of gross domestic product this year as a result of the coronavirus crisis, but this could be followed by a rebound of 5.5% in 2021, he told a committee in Parliament on Monday.

Travel receipts plunged 71 pct to 92 million euros in March, from 318 million in the same month last year, while travel payments also decreased by 75.7 pct to 61 million euros from 250 million last year, the Bank of Greece said in a report on Friday.

Total credit in Greece's banking system expanded 0.7 percent year-on-year in March after a 1.0 percent decline in the previous month, Bank of Greece data showed on Friday.

[Reuters]

Greece's current account balance showed a smaller deficit in March compared to the same month last year, on the back of improved trade and primary income account balances that offset a smaller services surplus, the Bank of Greece said on Thursday.
Central bank data showed the deficit at 1.106 billion euros from a deficit of €1.538 billion in March 2019.

Greece has returned to budget deficits, instead of surpluses, due to the coronavirus pandemic, Bank of Greece data for the January-April period have shown, while the government is preparing to announce a new package of financial measures for the June-September period, probably on Wednesday.

The Greek government has proposed the reappointment of Yannis Stournaras as governor of the Bank of Greece, the country's central bank, a government spokesman said on Tuesday.

Bank of Greece Governor Yannis Stournaras will be participating in a public online debate on Tuesday on a recent decision by Germany's top administrative court on the European Central Bank's bond-buying scheme.

Prime Minister Kyriakos Mitsotakis discussed how banks can infuse liquidity into the Greek economy following the coronavirus pandemic at a Tuesday video conference with key ministers, the governor of the Bank of Greece and bank executives.