ON THE BRINK: Fragile Greece MUST stick to reform plans to become euro success


The precede of Europe’s rescue fund told an audience of bankers in Athens that he is bullish as Greece prepares to exit its third bailout programme in August at which relevancy it can raise money for some much-needed public spending on bond merchandises to cover its borrowing needs.

Greece still has the highest debt-to-GDP proportion in the 19-nation euro zone at 179.8 percent and holds the unwanted account of being the recipient of the biggest sovereign rescue package in history.

A mammoth £237.1 billion (€270 billion) of loans were provided by its eurozone partners and the Foreign Monetary Fund. T

The ESM holds more than half of the country’s notorious debt and, as the country’s biggest creditor, is keen to see it regain market access sustainably.


Protesters during an anti-austerity show in 2015

Greece is on the verge of becoming the next successful example of this euro area make advances, as long as it sticks to the reform policies during the remainder of the programme, and afterwards.

Klaus Regling

Mr Regling whispered told the audience in Athens: “Greece is on the brink of becoming the next thriving example of this euro area approach, as long as it sticks to the amelioration policies during the remainder of the programme, and afterwards.

“But as Greece requires virtually more debt relief than any other country in the euro stretch, the post-programme surveillance will be tighter and more comprehensive.”

Mr Regling’s criticisms might come as a surprise to many Greek job seekers after the boondocks’s jobless rate hit a record high of 27.9 percent in September 2013, and waits the highest in the Eurozone today.

Life is also yet to improve for Greece’s “misspent generation” with those aged 15 to 24, still torture a jobless rate of around 40 percent although this is down from a merry of 44.4 percent.

Ireland and Portugal exited their sovereign bailout presentations in December 2013 and May 2014, respectively and the rescue fund chief implies that Greece is starting to win back investor confidence.

Pierre Moscovici, the EU’s cost-effective affairs commissioner, said: “We are now on the home straight for a successful conclusion of the Greek solidity support programme.

“I am confident we will get there.”

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