The EU Commission’s chief auditor for the ongoing Greek bailout more-or-less again “grounded” highly optimistic forecasts in the post-memorandum period, something that the leftist government in Athens is trying to cultivate in the recession-battered country.
Speaking at the annual Capital Link event in New York City on Monday, Declan Costello said necessary reforms in Greece will not conclude with the end of the bailout, which is the third successive memorandum since 2010.
The Irish technocrat, whose official title is mission chief for Greece for the third economic adjustment program, added that although official Greece has already alleviated many economic imbalances and has recorded noteworthy progress in implementing ESM-mandated reforms, a viable economic recovery necessitates even more structural reforms for many more years.
More reforms in the tax system, a further modernization of Greece’s creaky public administration and the often cumbersome justice system were a few of the institutional sectors he cited.
On his part, top Fitch executive Charles Seville referred to encouraging signs that Greece can again have access to sovereign capital markets.
Nicola Giammarioli, the head of strategy & institutional relations at the European Stability Mechanism (ESM), echoed the standing opinion of creditors’ representatives at the end of the year, namely, that the third review of the ongoing bailout concluded in a timely manner.
