Economist Rountable in Athens: ESM stresses Greece needs to do more

The representative of the ECB Declan Costello reiterated the need for swift implementation of reforms in Greece. Although Giammarioli appeared optimistic over the prospect of Greece borrowing from the markets in the next months, he underlined the necessity for the Greek government to own the programme and reinforce the reforms.

On the matter of whether Greece would exit the third programme in August of 2018, the head of the ESM’s Chief for Greece said that this would occur only if the country was committed to the current programme.

Declan Costello used harsher language calling on the Greek government to implement what had been agreed. “We shouldn’t move the goalposts to implement the agreed measures. Legislation is already present”, he said. He added that Greece should not miss the opportunity like in 2014, underlining that there were still some minor reforms to be passed.

Greek Minister of Finance George Chouliarakis said: “We need to do more regarding redistribution and the management of tax revenue in order to make the budget more growth-friendly.”