Klaus Regling: Return to primary surpluses
The adoption of a prudent fiscal policy, with a return to primary surpluses from 2023, and the continuation of reforms are considered the most important factors for the future of the Greek economy, European Stability Mechanism Managing Director Klaus Regling told Kathimerini.
He argues that these factors will play a bigger role than others worrying the Greeks, such as the interest rate hikes, and will be decisive to attaining investment grade, which Regling is not sure will be achieved in 2023.
After having dealt with the Greek crisis for over a decade, Regling was awarded last week in Athens with the Lord Byron International Philhellenism Award.
The main goal, keeping Greece in the eurozone, has been achieved, he says, recalling how close Greece came to Grexit in 2015. However, he also agrees that the restructuring of the debt could have been done earlier.
As part of his Athens visit, Regling met with Prime Minister Kyriakos Mitsotakis in what will be the last time in his current capacity as ESM chief and received assurances, he says, that the country will return to primary surpluses next year. There are other areas where further progress is needed, according to Regling and these are mainly justice, banks, public enterprises and bankruptcy procedures.
