Regling: Linking debt reduction to growth rates not counter-productive
ESM Managing Director Klaus Regling expressed his certainty that linking further debt relief with growth in Greece will not be counter-productive, in comments carried by the Sunday edition of “Kathimerini” over the weekend.
Regling, who heads up the Eurozone’s emergency fund, nevertheless added that if Greece wants further debt relief – a standing demand by Athens and the IMF, in this case – then a reasonable question, on the part of creditors that will extend more favorable terms, is how they will be certain that agreed to provisions and agreements will be met.
As such, he mentioned specific targets that the Greek government has promised for annual primary budget surpluses as a percentage of GDP, future tax policies, privatizations and a reduction in NPLs in the country – essentially an updated memorandum.
In turning to the IMF, he said the Fund’s participation the Greek bailout would be yet another sign that the program is proceeding as planned.
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