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Greek central bank boss warns of 'irreparable' damage | Greek central bank boss warns of 'irreparable' damage |
(about 2 hours later) | |
Greece's economy faces "irreparable" damage from the ongoing political crisis, the boss of its central bank has warned. | |
"The crisis in recent days is now taking serious dimensions...and the risk of irreparable damage for the Greek economy is now great," said Yannis Stournaras. | "The crisis in recent days is now taking serious dimensions...and the risk of irreparable damage for the Greek economy is now great," said Yannis Stournaras. |
Greek politicians will start voting on Wednesday for a new Greek president. | Greek politicians will start voting on Wednesday for a new Greek president. |
There will be a snap general election if the government nominee loses. | There will be a snap general election if the government nominee loses. |
The political uncertainty has rattled Greek markets over the past week. | The political uncertainty has rattled Greek markets over the past week. |
Greece's economy emerged from a six-year long recession in the first quarter of the year. | Greece's economy emerged from a six-year long recession in the first quarter of the year. |
Party support | Party support |
However, the size of Greece's economy is still about a quarter below the peak it reached before the severe recession and debt crisis triggered by the global financial crash. | However, the size of Greece's economy is still about a quarter below the peak it reached before the severe recession and debt crisis triggered by the global financial crash. |
And conservative Prime Minister Antonis Samaras's decision to call an early vote in parliament to elect a new president has caused fresh concerns. | And conservative Prime Minister Antonis Samaras's decision to call an early vote in parliament to elect a new president has caused fresh concerns. |
His conservative-led coalition needs the support of other parties if its candidate is to obtain the backing of MPs. | His conservative-led coalition needs the support of other parties if its candidate is to obtain the backing of MPs. |
On Thursday an official in the governing coalition said it was still short of the support needed to stop the government collapsing in the parliamentary vote. | On Thursday an official in the governing coalition said it was still short of the support needed to stop the government collapsing in the parliamentary vote. |
Greece's government has warned of a catastrophe if snap elections are called and left-wing anti-bailout party Syriza wins, but Syriza has accused the government of fear mongering. | Greece's government has warned of a catastrophe if snap elections are called and left-wing anti-bailout party Syriza wins, but Syriza has accused the government of fear mongering. |
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