Prices are likely to be steady in the immediate future, since downward pressures on prices are not as significant as was the case in 1995, when the yen’s appreciation induced a penetration of imports, which then directly dampened prices of import-competing domestic final goods, arousing concerns for a deflationary spiral in the economy.
These policy orientations can be summarised as follows:   First, Greece should make every effort to remain in the euro area and steer clear of default, which would have incalculable economic and social consequences.   Second, the adjustment programme and the agreements with our partners ensure the financing of the Greek economy. Without them, default would have been inevitable.