ECONOMY

Regling: Greece on the right path if it continues with reforms

regling-greece-on-the-right-path-if-it-continues-with-reforms

Klaus Regling, the managing director of the European Stability Mechanism (ESM), reiterated on Wednesday his call for Greece to stick to the reforms which were part of its eight-year bailout programs, saying its economy is on the right track.

Speaking to the representation of North Rhine-Westphalia in the EU on the role of the ESM, Regling said the organization has disbursed 295 billion euros to Ireland, Portugal, Spain, Cyprus and Greece since 2011.

He said the first four are now experiencing high growth and rapidly falling unemployment rates and can easily refinance themselves on the market again.

“Greece is also on the right track – provided that the country remains willing to continue reforms,” he said.