Regling warns bailout review delay may affect liquidity in Greek economy

15 January 2016
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The head of the European Stability Mechanism Klaus Regling warned that delays in carrying out the review of the Greek bailout program may result in postponing the dispensation of financial aid and the talks on debt relief.

Meanwhile, the Eurogroup chief Jeroen Dijsselbloem reported that the Greek Minister of Finances Euclid Tsakalotos has committed to cooperating with the IMF, clearing up the confusion over the matter. The Director of the IMF’s European Department Poul Thomsen also commented that the fund is willing to participate in the Greek program.

During Thursday’s Eurogroup meeting, some concerns were raised over the “politicization of public administration” in Greece (particularly in bank managements), however European Commissioner Pierre Moscovici did not detect any “setbacks” in the bailout implementation and stated that the Commission is closely monitoring the process.

According to the Eurogroup chief, the talks on debt relief will begin as soon as the bailout program review concludes. Mr. Dijsselbloem also added that the Eurogroup has recognized the progress Greece has achieved in the program implementation. Nevertheless, he argued that further details on the pension reform are needed and noted that further progress is needed in reforms.

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