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Greece is a special case

01 February 17 | Klaus Regling
Klaus Regling

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Antulio Richetta

Director IBI Group
Greece has made progress since August 2015 as part of the third programme, ESM president Klaus Regling on Wednesday said in the European Parliament.

 

He reiterated that Greece is a special case compared to the other countries that followed a programme as it is in the middle of a third programme.

"The country has made good progress in 2014 when its economy returned to growth and regained access to the bonds market," he noted and added: "Since August 2015, Greece has made satisfactory progress in the framework of the third programme, while 32 billion euros have been disbursed."

Referring to the measures for further debt relief that ESM has recently started to implement, he said that this is another sign of economic solidarity among EU member states.

Finally, he reiterated that due to "favorable financing conditions," the country saves 8 billion euros per year or 4.5 pct of GDP, while the debt will be reduced by 2060 thanks to the new measures and Greece will return to debt sustainability.

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