Delay in bailout review undermines Greek prospects: central bank

A further delay in the conclusion of the second review of Greece's third bailout undermines the success of the program which expires in 2018 and the prospects of the Greek economy, Bank of Greece Governor Yannis Stournaras warned on Monday.

"There is no choice between concluding the review now or leaving it for later. In case of further postponement, repercussions will be grave," Stournaras said, addressing the Greek parliament's economic affairs committee.

The official urged both the Greek government and international lenders to reach a compromise and close by the end of this month the review which, according to the initial timetable, should have been concluded a year ago.

"Should the review will not be concluded by February, Greece faces the specter of a new circle of uncertainty which will undermine economic recovery," Stournaras warned.

The remark was made as the latest round of talks between the two sides in Brussels last Friday failed to clear the way for the return of creditors' envoys to Athens to finalize the review.

Lenders have suggested the immediate legislation of fiscal measures for 2019 amounting to about 2 percent of GDP in order to close the review in coming days.

During a meeting of the ruling radical left SYRIZA party this weekend, the Greek Prime Minister Alexis Tsipras repeated that Greek society cannot bear the burden of further austerity measures and "irrational demands". Enditem