ESM Head Regling warns Greece needs to pick up pace of prerequisites

European Stability Mechanism (ESM) Managing Director Klaus Regling said the rate at which Greece was implementing the necessary prerequisites was not satisfactory.

Mr Regling warned that there were gaps in the implementation of the pre-requisites linked to the release of 1 billion euros associated with the profits of the Greek bonds.

The German technocrat clarified at the end of the EuroGroup meeting that the disbursement of the tranche was dependent upon a “clear framework of actions”.

Regling said his caution was rooted in the fact that the implementation of the prerequisites in specific areas was not moving forward at a satisfactory pace.

“Greece still has a few weeks before the Commission report, there are open issues that we have identified, and the Greek Authorities are working hard with us, but I cannot tell you when it (the disbursement) will happen. It will be based on the developments”, the German official said.