Regling: Athens must take ‘strong ownership’ of fiscal, structural reforms

22 June 2016
760 Views

European Stability Mechanism (ESM) managing director Klaus Regling on Wednesday echoed the most recent statements by other top European leaders in recent days to emphasize that the Greek government must take “strong ownership” of the current bailout-linked fiscal and structural reform package.

Regling, who accompanied EU Commission President Jean Claude Juncker on a visit and talks with Greek leadership on Tuesday, told an audience at an Economic group conference in the Greek capital that the recent conclusion of the first review of the Greek program (third bailout) was recognition that Athens has posted progress in modernizing its economy.

He nevertheless also pointed out that the procedure was delayed by six months.

In returning to “carrot mode”, Regling lauded the leftist Greek government’s recently enacted reforms and “hard work”, as he noted, in the social security sector and in public administration.

In a preview of the next round of talks to close the second review of the Greek program come autumn, the ESM chief said much still needs to be done in the coming two years, while referring directly to reforms in labor laws and liberalization of the labor market.

In terms of the all-important privatizations “front”, he cited the successful tender and pending transfer of the Piraeus Port Authority to Chinese shipping giant Cosco, and a similar privatization of 14 regional airports around Greece, won by a consortium led by Germany’s Fraport.

Just as importantly, when referring to Greece’s “Olympus-sized” foreign debt, Regling merely noted that as long as reforms continue, the Eurozone will be ready to help Greece with more measures aimed at debt relief.

Finally, he dismissed criticism that a lack of front-loaded measures for debt relief by the Euro zone implies inflexibility and insensitivity, saying the opposite is true – a sign that the bloc will continue to support Greece in years to come, as he put it.

You may be interested

PM Mitsotakis cites Greek Constitution to back mandatory vaccinations
GREECE
shares25 views
GREECE
shares25 views

PM Mitsotakis cites Greek Constitution to back mandatory vaccinations

makis - Jul 23, 2021

Prime Minister Kyriakos Mitsotakis cited the Greek Constitution in response to those opposing mandatory Covid-19 vaccination during his meeting with…

Who Has Spent The Most Time In Space? (infographic)
WORLD
shares38 views
WORLD
shares38 views

Who Has Spent The Most Time In Space? (infographic)

Panos - Jul 22, 2021

As Russia celebrates 60 years since Yuri Gagain became the first person to orbit the Earth, the state of space travel looks…

What Do Americans Think Of Famous Billionaires? (infographic)
FINANCE
shares40 views
FINANCE
shares40 views

What Do Americans Think Of Famous Billionaires? (infographic)

Panos - Jul 22, 2021

Hot on the heels of fellow billionaire Richard Branson, Amazon founder Jeff Bezos is set to blast into space. He…

Leave a Comment

Your email address will not be published.