Thursday, March 26, 2015

Sensible Yiannis Stournaras!

What a breath of fresh air coming out of Greece when Mr. Yiannis Stournaras, the Governor of Greece's Central Bank, talks about financial matters. Just a couple of quotes from this article in the Ekathimerini:

"Grexit would deliver no benefit but a lot of pain”.

“The new Greek government has a unique opportunity to implement bold structural reforms, which would be backed by a large majority of political forces in the country".

"If Greece implements “bold” reforms in pensions, social security and labor markets, it could hope for some relief on the cost and duration of its debt".

“Extending maturities and reducing interest rates on the outstanding debt may improve the growth outlook of the Greek economy. Alternative options could also be considered to improve the sustainability of Greece’s public debt. However, they might be more contentious, as they likely involve some costs for euro-area partners".

And here is another report about Mr. Stournaras.


  1. Stournares is always worth listening to, if for no other reason than he is presently better aware of the financial situation in Greece than anybody else. The present government is not aware of it, the Troika has not had a chance to study it for many months.
    His comments about the body languages conductivity to reform may be valid in Greece. Most of Greece's negotiation partners hold the opinion that if there is discrepancy between language and actions, then: The words are the lies and the actions are the truth.

  2. Watched some videos of the man, and he really speaks so different than other Greeks we learned to know.
    I notice this:
    He is a thinker, not a dreamer.
    His eyes are focused. His mind is focused. He listens. He does not say more than needed. His message is clear.

    All Greece needs now.

  3. I do know that a noname like me is not entitled to critizise educated bankers, but once more I can not resist:

    >“Grexit would deliver no benefit but a lot of pain,...”

    Imho that phrase is plain wrong because it neglects the fact that only with it's own currency Greece can regain sovereignty, and this seems to me being an overriding reason!

    Grexit would deliver no immediate economic benefit but a lot of pain for me looks much more convincing!


  4. Now the "wonderful soundbites" have changed again camp, from the pro-SYRIZA side to the pro-ND side. Mr. Kastner, i gather you can call yourself a "kopsoheris" now. Before the elections you had written you would vote for Tsipras. After the elections you made U-turn. Kopsoheris is the voter than after the vote, wants to cut his arm, because he was deluded by his vote. All the series of exciting posts, praising SYRIZA's program in your blog, have now given their place to warning articles and articles by Stournaras (ND's FinMin) and Tassos Yannitsis (former PASOK minister, newly appoint president of Lamba Development group, the Latsis company that wanted to buy Hellenikon).

    By autumn, if the goverment is still on its feet, i predict you will love SYRIZA again.

    1. Please help me out. As far as I remember, I have only twice made a recommendation to vote (or not to vote) for certain Greek parties and I link them below. When did I write that I would vote for Tsipras? I have praised SYRIZA's program? I assume you are still young. As you grow older, you will find out that the world is not in black-and-white. There are parts in SYRIZA's socalled program (in actual fact, it's not a program but beautiful prose) which I would support and there are others which are silly. I truly look forward to hearing back from you.

      And here is a description of the party which I would vote for:

    2. @AnonymousMarch 26, 2015 at 7:19 PM

      >"By autumn, if the [Syriza] goverment is still on its feet,"

      My crystal ball has revealed that in autumn 2015 temperatures in Greece will be so extremely high that no government actions can occur.


    3. I didn't speak of recommendations. In your blog, there is enough material to "prove" anything and the opposite of anything. Aside the fact that Dimiourgia Xana didn't partecipate in the elections, so you can't vote for someone who isn't candidate, let me remind you:

      "I had seen this video. I think it is absolutely brilliant! I am beginning to feel sorry that I cannot vote for Alexis Tsipras..."

      One would think, that since Dimiourgia Xana wasn't available, you 'd vote for SYRIZA! But that's just me! If SYRIZA does survive, you can always write that you had seen so much talent in him that you were sorry you couldn't vote for him!

      It's no wonder that in a blog for Greece, the Greeks are missing!

    4. @AnonymousMarch 27, 2015 at 12:37 AM

      >"In your blog, there is enough material to "prove" anything and the opposite of anything."

      This false and indecent accusation does not deserve remark, but it can not be left undisputed either.


    5. It is no great surprise that Stournaras and his views are being praised by the pro-austerity lobby. He is one of the very culpable economic advisors who pushed for Greece to enter the eurozone, did not campaign for radical economic policies to accompany eurozone membership (at least, as far as I know); was later put in a ministerial post to implement the Troika's demands, and is now being touted by them as the only serious economist in Greece.

      Sorry, but this is just a continuation of the past errors. The political establishment of the EU admits no culpability in its creation and management of the euro, and just wants a cover-up. Stournaras is prepared to do so, as he is partly to blame anyway.