Greece has good chances of being able to tap the markets after its bailout program expires in August 2018 if it implements the agreed reforms, the head of the European Stability Mechanism (ESM) Klaus Regling said on Thursday in a speech at the Bridge Forum Dialogue in Luxembourg.
“Greece is the only country that is still in an active ESM program. It is now in its seventh and final year, and the government is on the right track to implement the reforms that it committed to in the summer of 2015. If Greece continues to implement the agreed reforms, chances are good that it can regularly refinance itself after completing the program in August next year,” he said.
Regling pointed out that Greece has already made “a first few steps” in that direction, by accessing the bond market in July and a “highly successful bond exchange” in the last few days.
He also reiterated that the Eurozone has pledged to take more measures to relieve the country’s debt load, if needed.
“Euro area governments have promised to provide further debt relief at the end of the program, if needed, and if Greece continues to implement the reforms,” he said.