Yannis Stournaras

Speaking at the Piraeus Shipping Club, Bank of Greece Governor Yannis Stournaras addressed the challenges facing Greek shipping.

He emphasized that despite the significant contribution of Greek shipping to the economy, accounting for 7.9% of GDP, policy measures are needed to attract more ships to sail under the Greek flag and increase their commercial management from Greece.

Bank of Greece Governor Yannis Stournaras on Friday noted that the country's banks have successfully reduced their nonperforming loan (NPL) ratio to just over 5%.

However, he also warned that risks to financial stability remain.

The “disproportionate burden of defense spending borne by the Greek taxpayer” which “relates to the protection of European borders and, above all, to Greek-Turkish relations” was referred to by Bank of Greece governor Giannis Stournaras, speaking at the launch of Takis Pappas’ book “Paradoxical Country: Why Greece lags behind Ireland and Portugal and what can we learn from them?”.

Last year the 27 EU member states averaged 0.4% growth. “The German economy even contracted by 0.3%, […] while France and Italy have so far failed to show any convincing growth momentum,” writes the German National Network of Journalists (RND).

Pension increases, lump-sum financial aid, reductions in deductions, “corrections for injustices,” and other significant changes will be promoted starting from autumn, benefiting large groups of pensioners.

A weak eurozone economy may drag inflation below the European Central Bank's 2% target, ECB policymaker and Bank of Greece Governor Yannis Stournaras said in an interview published on Thursday, reaffirming his expectation for two interest rate cuts this year.

The Greek economy will continue to grow at a satisfactory rate, higher than the eurozone average, as long as economic policy continues on the same path of reforms, along with efficient use of available European resources and fiscal responsibility, according to the governor of the Bank of Greece, Yannis Stournaras.

The agreement between bank bailout fund HFSF and Thrivest Holdings for the merger of Attica Bank with Pancreta is the "optimal solution for the Greek state, with a view to both ensuring financial stability and the benefit of the taxpayer," central banker Yannis Stournaras told a parliamentary committee on Wednesday.

Political turmoil and reactions have erupted after “Proto Thema” revealed that protected witnesses in the Novartis case shared €56 million. Given the witnesses’ personal gain, as disclosed by the article, it is now necessary to lift their protected status and remove their anonymity. The critical question remains: who prompted them to make the allegations that fueled the Novartis conspiracy?

Recent data on inflation and economic expansion strengthen arguments for additional interest rate cuts by the European Central Bank, with two more this year, according to statements by Board member and Bank of Greece Governor Giannis Stournaras to Bloomberg.