Daily Management Review

Tsipras: Greece is climbing out of crisis


11/09/2017


Debates about the long-term sustainability of Greece's debt will begin after the country's creditors review its reforms, Greek Prime Minister Alexis Tsipras said.



matthew_tsimitak via flickr
matthew_tsimitak via flickr
Tsipras told lawmakers from his left party that negotiations with creditors are proceeding well. Earlier, the government stated that negotiations with creditors regarding the review of financial assistance would be completed by January.

"Immediately after the completion of the third review, it is expected that a discussion will begin about the long-term sustainability of the debt, and (Greece) will ultimately come out of the crisis," he told parliamentarians.

It is expected that the program of financial rescue of the country worth up to 86 billion euros will end in August 2018.

The third review, or a round of discussions with creditors of the pace of reform that began in October, was conducted in an unusually good atmosphere, Tsipras said.

Since 2010, the country has received three tranches of international assistance, and Greece's debt now stands at 177% of GDP.

Eurozone governments promised to consider easing the Greek debt burden after the end of the rescue program and only if necessary, the European side did not assume any additional obligations.

In September, the European Union stated that Greece had taken one more step towards completing the rescue program and external economic supervision. The Council of the European Union confirmed that Athens no longer violates the eurozone's rules on the budget.

This means the end of the "excessive budget deficit procedure" for Greece, which Brussels launched in 2009, as the country faced economic turmoil.

"After many years of serious difficulties, Greece's finances are in much better shape," said Toomas Tõniste, Estonian Minister of Finance, as Estonia is temporarily the country chairing the EU Council.

The decision is likely to be seen in Athens as another step towards the normalization and exit from the financial assistance program in August 2018, with a full return to market financing.

"Now the last year of the financial support program, and we have made progress that will allow Greece to raise money again in financial markets at sustainable rates," Toomas Tõniste said. 

source: reuters.com






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