Greece's government needs to respect the "sacrifices" its people have made and stay in the euro, the head of the country's central bank and ECB policymaker Yannis Stournaras said on Tuesday. "We need a political system which will take responsibility and to respect the sacrifices by the people that have been made up to now," Stournaras said during a panel discussion at an event organised by think-tank Chatham House.
Companies in Spain and Germany are finding it easier to borrow but Greek firms are struggling to secure funding despite an overall improvement in credit availability across the euro zone, the European Central Bank said on Tuesday. In particular, it highlighted the drastic situation facing Greek companies, where profits are tumbling and access to credit is being choked off as the government wrangles with European backers to avoid a possible default on sovereign debt. While on balance 29 percent of small companies surveyed in Germany and 11 percent in Spain reported higher turnover in March 2015, 18 percent of Greek companies saw theirs dip.