Regling: No enough fiscal space to fully cover suspension of next round of Greek pension cuts

23 October 2018
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European Stability Mechanism (ESM) Managing Director Klaus Regling on Tuesday again dampened the poll-trailing Tsipras government’s hopes of eventually avoiding a pre-legislated social security reduction next January, saying that “fiscal space” generated from this year’s budget execution is not enough to fully cover a suspension of the austerity measure.

Speaking at a press conference in Luxembourg, Regling added that no decision has yet been taken over Athens’ pressing request to suspend the next round of pension cuts, merely noting other proposals are being discussed, without offering details.

At the same time, the head of the Eurozone’s emergency fund said there is no urgent need for thrice bailed-out Greece to return to the markets for its sovereign borrowing, saying the country could wait for up to two years.

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