Regling cites BoG estimates: First six months of 2015 cost Greece 86 bln€
Greece will be able to repay the loans it has received although it is still important for the country to continue its reform efforts, ESM Managing Director Klaus Regling said on Monday, during an address in Munich.
During the same event, Regling listed three reasons, as he said, that stunted and delayed progress in Greece, compared with other Eurozone member-states that were extended a bailout.
“First, the problems in Greece during the crisis were deeper that in other countries that entered a (fiscal readjustment) program. Secondly, the country’s administration was weaker than in other Eurozone countries; and thirdly, unfortunately, the country reversed the course of several significant reforms in the first half of 2015”.
The ESM chief directly referred to an effort to suspend a reforms program that had been agreed to up until that point, essentially pointing to the first six months in power of the Tsipras coalition government and the shambolic negotiations with creditors that took place.
“The result was that Greece returned to a recession; the Greek central bank calculates that this (backsliding) cost Greece roughly 86 billion euros.”
You may be interested
Visit the Greek island in the 100 most impressive list in the worldPanos - Aug 05, 2021
Ios was recently included in the list of the most impressive islands in the world on the news site Insider.com.…
Mitsotakis: The critical infrastructures endured – The houses will be rebuiltPanos - Aug 05, 2021
The Greek Prime Minister, Kyriakos Mitsotakis and the Deputy Minister of Civil Protection, Nikos Hardalias made statements after the extraordinary…
Ancient Olympia: The International Olympic Academy is safe for now – Battle with the fire resurgences (video)Panos - Aug 05, 2021
A new alarm for Ancient Olympia as, early in the morning, a new front emerged, heading towards the facilities of…