Regling: “Sooner or later, there will be a money problem in Greece”

The president of the European Stability Mechanism (ESM) Klaus Regling has warned that Greece may “run out of money” if its delays the review of its bailout program.

In an interview for Le Figaro, the ESM chief also argued that unless something is done about the country’s pension system, then Greece will be unable to pay out any pensions in five years. Mr. Regling also referred to the fiscal targets for 2016 and 2017, which he noted would not be easy to achieve.

Later on Mr. Regling estimated the bailout program review may conclude by the end of March and explained that the current situation is vastly different to the firs six months of 2015.

The ESM chief commented that the six-month period when Yanis Varoufakis was at the helm of the Ministry of Finances were ‘catastrophic and credited his successor, Euclid Tsakalotos, for an agreement being reached between Greece and its international creditors.