Bank of Greece Governor Yannis Stournaras on Wednesday rejected the idea of a Greek exit from the eurozone, arguing that a so-called "Grexit" would "deliver no benefit but a lot of pain." Speaking at an event in London, the governor said the Greek economy has already restored competitiveness by driving down wages and prices, so there's no reason for an exit. "In case of Grexit, the Greek economy would enter another deep recession characterized by extremely tight financing and liquidity conditions," Stournaras said. "As a consequence, another round of fiscal consolidation would be required, while capital controls would be imposed and a deposit freeze could also be required." His comments come as the anti-austerity Greek government is struggling to agree on a reform program with its international credits -- a prerequisite for unlocking the next tranche of bailout money. Greece has large debt payments looming in April and reports have suggested the country could run out of money as early as next month, unless it receives a cash injection from the eurozone.
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