BoG Gov. Stournaras: Next gov’t must boost competitiveness; achieve primary surpluses

The next Greek government’s primary obligation will be to improve economic competitiveness and productivity, and to return to primary surpluses, Bank of Greece (BoG) Gov. Yannis Stournaras underlined on Tuesday.

Speaking at a forum on banking organized by the national Institute of Internal Auditors, Stournaras said conditions are necessary for the country to achieve and maintain a coveted investment-grade rating, namely: implementation of a reforms program to improve structural competitiveness and increase the total economic productivity, as well as a return to primary, structural fiscal surpluses, one that will at least reach 2 percent of GDP.

He also cautioned that despite progress achieved in several economic fronts over the last few years, the Greek economy continues to be plagued by chronic structural problems that burden structural competitiveness.