Stournaras: Varoufakis cost Greece over 86bln Euros

Central banker spoke in parliamentary committee

Governor of the Bank of Greece, Yiannis Stournaras accused former Greek Finance Minister Yianis Varoufakis of foisting over 86bln Euros of extra debt on the shoulders of Greek citizens due to his negotiating tactics with the country’s creditors. Speaking before the Greek parliamentary committee on finances, Stournaras dubbed the government’s change of policies following last year’s referendum a positive move, but warned off the risk that even if the fiscal targets were achieved due to hyper-taxation, the growth targets could be missed. Stournaras claimed that after costly adjustment measures the Greek economy had managed to generate a small surplus and record some economic growth in 2014, adding the negotiation strategy adopted during the first six months of 2015 did not pay off and resulted in a set back. ‘I believe it is a positive sign that the Greek government made timely turn in policies’, he underlined. Responding to questions on the infamous ‘Plan-X’ under the tenure of Yianis Varoufakis, Stournaras pointed out that the Bank of Greece was oblivious to any such plan. “I will make no reference to the ‘Plan-X’. That says it all. The Bank of Greece, with the information at its disposal at the period did its duty’, he said