Declan Costello: Greece’s partners must meet their commitments

1 June 2018
168 Views

Declan Costello, representing the European Commission in the institutions’ missions in Athens, stressed on Thursday the need for the Europeans to meet their commitments regarding Greek debt relief and proceed with an agreement on a series of front-load measures to ease the country’s public debt.

Costello was addressing an international conference organized by the Greek Economic Chamber.

He underlined that the recent crisis in Italy sends out a message that when Greece comes out of the programme, it will be in a “fragile state”.

“There is a negative impact from Italy on spreads, and what is happening does not help the government, the banks or the businesses,” he said.

He also warned that the country should not change its policy and reverse the reforms because this would undermine confidence.

Costello noted that Greece has been in the programme for eight years and many things have been achieved in that time. The country has built up a cash buffer that reduces its exposure to the markets and is ready to ‘take off’, he said. He also emphasized that Greece’s partners must honour their commitments concerning the country’s debt and for Greece to have sustainable policies.

Costello said in his speech that Greece will complete the programme and that the Eurogroup on June 21 will examine the conclusion of the fourth review, debt relief and the post-programme progress of the country. At the same time, he estimated that the radical structural reforms in the country will require 5-10 years to complete.

You may be interested

August 15 1940: The torpedoing of the Greek cruiser “Elli”
GREECE
shares32 views
GREECE
shares32 views

August 15 1940: The torpedoing of the Greek cruiser “Elli”

makis - Aug 15, 2018

The torpedoing of Greek light cruiser (warship) Elli is actually considered as the first action of World War II in…

How Greece marks the Dormition of the Virgin Mary
GREECE
shares39 views
GREECE
shares39 views

How Greece marks the Dormition of the Virgin Mary

makis - Aug 15, 2018

There are many customs and festivals organized all over Greece on Aug. 15 in commemoration of the Virgin Mary. This…

The two Greek soldiers are finally home! (PHOTOS)
DEFENCE
shares45 views
DEFENCE
shares45 views

The two Greek soldiers are finally home! (PHOTOS)

ilias1 - Aug 15, 2018

After 167 days of detention in Adrianople’s prisons, Angelos Mitretodis and Sergeant Dimitris Kouklatzisare now at last free. The two soldiers…

Leave a Comment

Your email address will not be published.