Greece has made progress but significant challenges remain, says Costello

TAGS: Economy

The European Commission’s mission chief for Greece Declan Costello told the Delphi Economic Forum on Sunday he is confident the final review of the country’s bailout will be wrapped up by June at the latest, but new measures will be needed in order to make Greek debt sustainable.

The real question, Costello said, is whether Greece will be able to achieve a sustainable economic rebound in the middle to long term, given the multiple challenges of continued high rates of public debt, unemployment and nonperforming loans.

In terms of reforms, Costello said that while Greece has made significant progress in legislating structural reforms, it still has a long way to go in terms of implementation and may need continued supervision in this respect.