Klaus Regling told an Economist conference in Athens on Wednesday that that “Greece needs stronger ownership of the adjustment programs”.
“The first review of the Greek program took too long. This is a drag on the economy” Mr. Regling said speaking at the “20th Roundtable with the Government of Greece”.
The head of the eurozone bailout fund hailed this week’s 7.5 billion euro disbursement as recognition that Greece is making progress in reforming its economy and an important moment both for the country and for Europe.
“It is recognition of the progress made by Greece to modernize its economy. It also shows that Europe will not leave Greece alone. Greece is a member of the European family” Regling said adding that Europe will continue to show, if necessary, economic solidarity towards Greece.
The remaining 2.8 billion euros, he said, will be given when Greece meets further prior actions and repays some of its overdue obligations. The second review of the bailout program is expected to take place in September.
Mr. Regling also noted that the Eurozone wants to continue to support Greece's efforts with further measures to reduce its debt. The ESM chief said Greek efforts to remain in the common currency zone were supported by the debt-hit nation’s European partners.
“Europe will not abandon Greece, it is part of the European family”, he said.