ESM Managing Director Klaus Regling on Wednesday remained steadfast in his position that Greece does not need a “haircut” of its debt, but rather should focus on reforms in order to guarantee that its future financing needs are met by the markets.
In statements to Reuters, Regling said Greece “could” become the “fifth success” story of European emergency bailouts, if it remains on its reforms course.
The other “four” – Cyprus, Ireland, Portugal and Spain – successfully completed a first adjustment program (memorandum), whereas Greece is treading through its third and probably last bailout, ones extended by institutional creditors.
On a more positive note, he reminded that Greece has posted significant progress over the years, something that is sometimes not recognized by Germany, the Eurozone’s “paymaster”.
