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Sustainable stability on "its way" to Greece

11 March 15 | Thomas Wieser
Thomas Wieser

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Antulio Richetta

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The head of the Euro Working Group Thomas Wieser appeared confident that the situation in Greece will start to stabilise after August, provided current obstacles until July are overcome.

 

In statements to the Austrian media, he expressed his belief that this will be achieved and also noted that the Greek government had cash reserves for the next few months and weeks.

"From mid-August Greece factually has no commitments for interest payments ...for the rest of the decade and so one just has to get past the months of April, May, June, August and

then the situation should be stabilised sustainably," Wieser said to Austria's ORF broadcaster on Tuesday.

"We think that there are certainly still reserves of money there for the coming weeks and months, there are budgetary reserves, there are reserves within social insurance schemes of stateheld companies."

He said that the position adopted with the Greek government was that an agreement on the overall programme must be made in order for the full sum of money to be disbursed and

that what happened at Monday's Eurogroup meeting was a first payment of a tranche to be followed by others, while in a few weeks the negotiations will be completed.

Wieser emphasised that a comprehensive package of reforms must be worked out before the money is given, saying that this was a mutual interest that the "Greek government cannot close its eyes to".

After the hurdles of the next few months were overcome, the repayment of Greece's debt will be "relatively easy," he suggested.

He also suggested that the previous Greek governments had implemented fiscal austerity but failed to implement structural reforms that would make its economy more open and efficient,

so prices remained high and the impact of fiscal austerity was much greater than it would otherwise have been.

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