Klaus Regling

'The Prime Minister underlined the importance of reforms that will bolster economic growth and job creation, and which are the central pledges of the newly-elected Greek government.'

The message from creditors was first move forward with reforms so as to give the economy a strong growth impetus and then one can discuss changing targets.

Regling also signaled that the incoming Greek government’s aim of lowering of primary surplus targets is at the moment hardly a sure thing.

The ESM report calls on the Greek government to proceed with the lowering of the tax-free threshold, which SYRIZA's parliamentary majority rescinded on 7 June.

Regling said there are pending issues which Greece must handle before the release of the fiscal surveillance report, on 27 February.

'Although Greece has the fiscal space this year, it is not sufficiently large to completely cancel pension cuts that have been agreed upon,' said ESM chief Klaus Regling

The narrative regarding a “clean exit” and a Greek success story due to the completion of the memorandum in August, was followed by the constant demands of creditors.

The essence is that our country is barred from the markets, and for the time being there is indication that this will change very soon

ESM chief Klaus Regling hastened once again to clearly warn that debt relief measures agreed to by the Eurogroup can be suspended if the adjustment programme is not strictly implemented

'We are a very patient creditor, but we can stop the debt relief measures that we have agreed to with Greece, if the adjustment programme does not continue as we have agreed'