Greek central bank issues warning on damage from political crisis.
Global Banking News-December 16, 2014--Greek central bank issues warning on damage from political crisis
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Global Banking News - 16 December 2014
The Greek central bank has issued a warning on damage from a political crisis.
In a prepared speech, the head of the central bank said that the nation faced 'irreparable' damages if the current political crisis in the nation was allowed to go unchecked. Prime minister, Antonis Samaras, who has brought forward a presidential election by two months, faces an early parliamentary election if his candidate loses.
Central bank head, Yannis Stournaras, said, 'The crisis in recent days is now taking serious dimensions, liquidity in the market is decreasing at a fast pace ... and the risk of irreparable damage for the Greek economy is now great. If there is no government to conclude negotiations, there will be an important funding gap. This deficit is manageable until February, and not easily afterwards, since from March onwards our needs will increase.'
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