BoG Chief Y. Stournaras: 10 days to normalization!

Private Greek businesses are being bled dry as capital controls push them to a standstill, but authorities are optimistic that normalization is on its way

Industrials met on Friday with Bank of Greece Governor Yannis Stournaras. The meeting was with representatives of employers’ organisations SEV, SETE, ESEE and GSEVEE as well as with the General Confederation of Greek Labor (GSEE) and the Union of Hellenic Chambers. Finance Minister George Stathakis and Alternate Finance Minister Dimitris Mardas also took part in the meeting being held to discover the consequences of capital controls on the market.

After the meeting, Stournaras said that a solution regarding capital controls will be found over the next 10 days and said that a “road map” will be constructed regarding the future. He stated satisfaction concerning developments, adding that Greece is near the monthly average of approvals given for imports prior to the crisis. “The situation with the capital controls is proceeding satisfactorily and within the next ten days we will have resolved any problems that have arisen,” he said, adding that efforts are being made to relax restrictions over the coming days.

“We are trying to reach the full normalization of imports and avert all the side effects of the imposition of capital controls,” said Stathakis.

Greece reopened its banks on Monday, three weeks after closing to prevent a collapse of the country’s banking system in a flood of withdrawals, but capital controls remain in place and the Athens stock market has yet to reopen. Meanwhile, Greek enterprises are facing great difficulties in conducting their day-to-day business after the imposition of capital controls.