Stournaras on verbal attacks: “The Bank of Greece has always been a target of special interests”

Bank of Greece (BoG) Governor Yannis Stournaras said on Tuesday he is not intimidated by attacks against him, pointing out that it is his institutional obligation to issue warnings of threats to the Greek economy.

At the bank’s annual cutting of the New Year’s cake, Stournaras responded to recent verbal attacks by saying, “During its long history, the BoG has become a target, in several instances, of special interests who want to undermine its instititutional role in order to benefit policies that contradict the basic principles of its founding charter. Unfortunately, we were targeted with such attacks this past year, culminating in the terrorist attack against former BoG governor Lucas Papademos.”

Stournaras noted that it is his duty as governor of the institutionally independent BoG to warn publicly and in a timely fashion of any possible dangers threatening Greece’s monetary and financial stability. He is also obliged to take into account the long-term horizon and interests of the Greek economy, in his reports and memos.

“Attack tactics do not intimidate us, as – besides everything else – they confirm that we are on the right track, contrary to all those who persist in overlooking institutions, interfering in their operations, doubting their usefulness, or rejecting institutional decisions and the repercussions resulting from such non-compliance,” he said.