And this under the condition that in this period certain basic reforms will proceed decisively and that the country will manage to achieve primary surpluses of 2% of GDP per year!
This is revealed in his article in the anniversary issue of the Parliament’s Journal “Epi tou… peristyle”, the governor of the Bank of Greece, Yannis Stournaras, emphasizing: “At the Bank of Greece, we have made calculations, according to which with a primary surplus of of the order of 2% of GDP and with reforms of the type I mentioned above, we can ensure on the one hand the desired primary surplus and on the other an appropriate difference between the interest rate of the public debt and the rate of economic growth (this difference is called in the technical dialect “avalanche effect” ), so that we reach the debt to 60% of GDP in about 40 years. It is something possible and we must bequeath it to our children and grandchildren.”
Mr. Stournaras also warns that “the country will soon face a major problem if we do not address it quickly: the lack of labor force”, as “at the moment we lack 200,000 hands in the activities around tourism, the agricultural sector and the building. If we don’t find them immediately, we will start to have problems in the economy as well”, he says and reminds meaningfully that “in the 90s, in the process of convergence towards the EMU, foreign workers were the ones who kept inflation in Greece low. If we didn’t have immigrants in the agricultural sector and in construction, we wouldn’t have met the inflation criterion.”
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