A successful completion of the first review of the Greek program was of crucial importance, because it would signal the beginning of talks with Greece’s partners on restructuring Greek debt, while at the same time it will be the key to restoring confidence and the return of deposits to the banking system, Bank of Greece governor Yiannis Stournaras said on Monday.

Addressing an American-Hellenic Chamber of Commerce conference, Mr. Stournaras warned that the urgent completion of the first review was imperative, as risks have risen in the global economy.

In this framework, a potential failure to complete the first review would be destabilising as it would lead to a retreat of confidence, deteriorating financial conditions and a bigger recession.

Mr. Stournaras said that the Greek economy has the ability and prospect to return to positive growth rates this year, despite the rising international risks and uncertainties.

He stressed, though, that this would depend on implementing the commitments taken by the Greek government in the framework of the new program and a completion of the first review.