Declan Costello, representing the European Commission in the institutions’ missions in Athens, has stressed the need for the Europeans to meet their commitments regarding Greek debt relief.
Costello was addressing an international conference organized by the Greek Economic Chamber on Thursday.
He said that the recent crisis in Italy sent out a message that when Greece comes out of the program, it will be in a “fragile state”.
“There is a negative impact from Italy … and what is happening does not help the government, the banks or the businesses,” he said.
He also warned that Greece should not change its policy and reverse reforms as this would undermine confidence.
Costello noted that Greece has been in the programme for eight years and many things have been achieved in that time. The country has built up a cash buffer that reduces its exposure to the markets and is ready to “take off”, he claimed. He also emphasized that Greece’s partners must honor their commitments concerning the country’s debt and for Athens to have sustainable policies.
He also estimated that Greece’s radical structural reforms would require 5-10 years to complete.
(Source: AMNA)
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