Greek central bank warns fragile economic recovery faces risks

ATHENS Thu Feb 26, 2015 5:40am EST

ATHENS Feb 26 (Reuters) - Greece's economy is expected to grow this year but faces risks from the government's ability to fulfill a deal with the euro zone and reform fatigue, central bank governor Yannis Stournaras said in his annual report published on Thursday.

Saying this month's decision by the euro zone to grant Greece a loan extension averted "dire consequences" for the economy, Stournaras urged the government to pursue structural reforms and quickly conclude a final agreement with creditors.

"We must pursue the negotiations in a spirit of cooperation and trust and promptly conclude a mutually beneficial final agreement with our partners," Stournaras said in his speech.

Greek banks were well-capitalised but faced the twin challenges of a high level of bad loans and "considerable strain" on liquidity in the last few months and still have no access to money markets, Stournaras said.

He urged Greece to fulfill its agreement with the euro zone so that the European Central Bank would resume funding access for Greek banks that was cut off earlier this month. (Reporting by Deepa Babington and Karolina Tagaris)

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