Speaks on the Greek economy

Greek Central Bank chief Stournaras is speaking on the Greek economy

  • Economy to grow 17% this year, recovery to gain pace in the near-term
  • growth seen strengthening to 2.4% next year, 2.7% in 2019 driven by investment, consumption, exports
  • reforms, privatizations must be implemented consistently and according to schedule
  • Greece must avoid delaying concluding third bailout review as this would trigger new cycle of uncertainty
  • Further rise in the euro exchange rate could negatively affect exports, tourism, dampening economic growth outlook

The comments are having limited impact on the markets. The EURUSD peaked near the 1.1800 level (high reached 1.0803 (see prior post). The pair has been in a 1.1772 to 1.1793 over the last 5 hours of trading.