The Governor of the Bank of Greece Yiannis Stournaras, warned of the possibility of a new Memorandum of Understanding (MOU) with the country’s creditors if initiatives are not taken by Greece’s partners to resolve the country’s debt.

Presenting the annual monetary policy report of the Bank of Greece, Stournaras said Greece’s creditors needed to specify their commitment to medium-term debt relief measures to ensure the sustainability of debt over the medium to long term.

The report warns that delays in wrapping up the most recent bailout review meant the country’s economy would only expand by 1.6 percent this year, less than a previous forecast of 2.5 percent, the Bank of Greece said.

Source: greece.greekreporter.com