BANK OF GREECE - Greece needs progress in implementation of pending reforms

Greece needs to make progress in the implementation of pending reforms, while a new agreement between the country and its partners is a necessary precondition for the continuation and strengthening of an economic recovery currently underway, the Bank of Greece said in its annual report which was published on Thursday.

Presenting the report, central bank governor Yiannis Stournaras said that there were still many uncertainties in the growth outlook for 2015, based on the implementation of a transition agreement with its partners and a possible deterioration of fiscal conditions.

     "Pending obligations were relatively limited and have a low cost compared with the huge volume of changes implemented in the previous years and the heavy burden paid by the Greek society," Stournaras said.

At the same time he noted that the country needs a single cohesive growth program which is going to be based on strengthening production through investments and mostly through structural reforms.