Central Bank of Greece calls for debt relief in the wake of stringent austerity measures

Central Bank of Greece Governor Yannis Stournaras formally submitted to parliament on Wednesday the bank's annual monetary policy report for 2015-2016 which suggests imminent debt restructuring, deep reforms and lower primary surplus targets to deal with the six-year debt crisis.

During a meeting with Parliament Speaker Nikos Voutsis the central banker urged for a debt restructuring "that will not impose losses on the creditors, but will be a situation where both Greece and its lenders stand to gain", Xinhua news agency cited an e-mailed press statement.

Creditors have pledged that following the conclusion this June of the first review of the third bailout the two sides clinched last summer, in coming months talks on debt relief will start.

The bank`s report also underlined the need for the implementation of more structural reforms after six years of harsh austerity to support growth.

In order to allow some breathing space to the ailing economy and recession-hit Greeks the central bank also proposed a reduction of primary surplus targets for 2018 from 3.5% of GDP to 2% of GDP.