Stournaras: “No Money Tree – Banks, Watch Out or Revolut Will Take Your Share”

Greece stands out… but with conditions

“In a rather turbulent international environment, Greece stands out positively for the first time,” said Yiannis Stournaras in an interview on SKAI 100.3. The country is growing at twice the rate of the rest of Europe, while public debt is decreasing by 10 percentage points of GDP per year.

The governor highlighted that “very few believed we could succeed during the crisis” and stressed that this achievement must be safeguarded “like the apple of our eye.”

Inflation and wages: the trap

Stournaras warned:

“Unfortunately, there is no money tree. To give wage increases, there must be productivity. Without it, businesses will close and unemployment will rise.”

According to the Bank of Greece’s projections:

• 2025: inflation 3.1%
• 2026: 2.6%
• 2027: 2.4%

The governor explained that wage increases must be accompanied by investments and reforms to boost productivity.“If you suddenly increase wages by 30%, we’ll go bankrupt,” he stressed.

Fiscal achievements and challenges

Stournaras noted that the 10-point annual reduction in public debt is the country’s top achievement. At the same time, income tax redistribution proves more effective for households than potential VAT cuts.

He also pointed out that:

• Greece is gradually increasing purchasing power and approaching the European average.
• There are still citizens struggling to make ends meet, so the government must prioritize the most vulnerable.

Banks, Revolut, and new competition

The governor did not hide his concern about the banking sector:

“The four systemic banks are comfortable with 30–40 large clients. We want to create smaller banks, a 5th Pole.”

He warned bankers:“I want to tell my banker friends to adjust their interest rates now, because Revolut will take market share if we’re not careful.”

The new banking ecosystem includes smaller banks like Credia, Optima, Viva, ABB, and cooperative banks.“Competition is what we want in the Greek economy,” he emphasized.

Stournaras’ message at a glance

1. Greece stands out in Europe – growth and debt reduction.
2. No money tree – wage increases must align with productivity.
3. Inflation gradually declines – 3.1% in 2025, 2.4% in 2027.
4. Banks on alert – the 5th Pole and Revolut bring new competition.

Source: pagenews.gr