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Commission spokesman: Multi-year oversight of Greece as it is unable to implement reforms

Declan Costello, a spokesman for the European Commission, has been in favor of Greece's strict oversight for years after an exit from the memorandum, in order to implement necessary reforms.

"There is a risk of non-implementation," he said speaking at the Delphi Economic Forum. "Public administration has made reforms, but it is not yet capable of reforming itself. It is a process that is in progress. There must be supervision in the right form, "he added.

Given the problems faced by Greece, oversight will last for a long time, Costello said. It is a question of whether there will be a credit line of support, he noted, but most importantly, "we should be thinking about a development policy, what reforms Greece will apply in the long run".

"Everyone knows what needs to be done, and now we need to make sure that the reforms are implemented. We need a supervisory framework that will allow Greece to continue implementing these difficult reforms," he continued.

The latest Compliance Report for the third assessment, he said, includes updated estimates of debt sustainability that confirm that "it is necessary to take additional measures, in addition to what has been applied so far, with" reasonable assumptions "and to make debt sustainable ".