Ghost from the past current account deficit again came to the fore in connection with commission spring forecastswho thought it was disturbing 11.8% of GDP in 2022but also intense warning call from Bank of Greece governor Yannis Sturnarason this particular issue.

In fact, the head of the central bank highlighted the other side of the balance of payments deficit: wasteful. “The government deficit should be significantly reduced, it should become a surplus, but national savings should also be increased,” he told Nautemporica last week. “We don’t need measures that cut national savings.”

Indeed, the balance deficit, in addition to the lag of our exports from imports, reveals a second picture: backlog of public and private national savings from investments. In other words, our savings are not enough to finance the ongoing investments. This is due to the fact that consumption is large. Therefore, we need to borrow in order to invest. A situation that is clearly not sustainable in the long term.