Greek gov't will continue providing liquidity to the economy, FinMin says

Greek gov't will continue providing liquidity to the economy, FinMin says

Greek Finance Minister Christos Staikouras on Wednesday said he expected some consequences from the large shrinking of tourism to be visible from September onwards in the country but stressed that the government will continue providing the economy with liquidity to deal with any problems arising.

In comments made to THEMA 104.6 FM radio, Staikouras said: "My sense is that there will not be a collapse and that's why we take these measures, unprecedented in intensity and speed. Some consequences from the large shrinking of tourism will be visible from September onwards. There will be difficulties, but there is liquidity offered by the Greek government".

He added that if there was a vaccine or the right medicine to combat the coronavirus in the winter of 2020 "we will cover all the losses in 2021, or else it will take a little longer". He urged the banking system to move in line with the government and to disburse more funds in July, adding: "Banks and politicians should be more careful with payment culture. If we create a new generation of non-performing loans, will be running behind developments in the future".

Staikouras said the government expected a large decline in tourism, but hope to limit this decline. "The feeling I have is that everything that can be approached by car will not have the problem islands will have," adding that the government will have to take this in mind and to take measures for those hit harder during the summer.

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