Re­forms will bring suc­cess, says Regling

Kathimerini English - - Focus -

Greece can be a suc­cess story if it sticks to agreed re­forms, Euro­pean Sta­bil­ity Mech­a­nism (ESM) Man­ag­ing Di­rec­tor Klaus Regling has said, adding that eu­ro­zone coun­tries could agree on debt re­lief mea­sures for the coun­try, if nec­es­sary, af­ter Au­gust 2018, pro­vided that Athens sees through its com­mit­ments. In an oped pub­lished in Ger­man news­pa­per Frankfurter All­ge­meine Zeitung yes­ter­day, the chief of the eu­ro­zone’s bailout fund com­pared the ex­pe­ri­ence of Ire­land, Por­tu­gal, Spain and Cyprus, where the fi­nan­cial ad­just­ment pro­grams were brought to a suc­cess­ful con­clu­sion, as he said, with the sit­u­a­tion in Greece, which he de­scribed as a “spe­cial case.” “In no other coun­try were dif­fi­cul­ties so big and the public ad­min­is­tra­tion so weak,” Regling said of Greece. “This is why ef­forts to sta­bi­lize [the coun­try] have yet to be com­pleted af­ter seven years of aus­ter­ity,” he added. In the same ar­ti­cle, the ESM head said that Greece will not need all 86 bil­lion eu­ros from the third pro­gram of fi­nan­cial as­sis­tance.

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