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Today Bank of Greece published report on monetary policy in which it has raised its voice calling for a viable agreement with Euro zone creditors.
- According to bank of Greece's statement, without an agreement Greece will default on its debt commitments, which finally will pave way for an exit from Euro area as well as European Union. It has associated ongoing uncertainty with loss of confidence in Greek financial system.
- Bank of Greece has blamed the uncertainty which according to the bank has led to locking Greek companies out of capital markets. Moreover with banks resorting to European Central Bank's (ECB) emergency lending assistance (ELA), few can lend money to companies, who are starving for loans.
- According to the bank, since October, last year € 30 billion worth of deposits have flown out of banks.
While the part above is likely to make Syriza party negotiators unhappy, the lower part is likely to upset the creditors.
- In spite of asking for resolution, Bank of Greece has extended support for lower primary surplus targets (failed to mention any numbers) and debt relief which was originally agreed during 2012.
