Greece must continue reforms, Costello insists

In a challenge to the government’s narrative of a clean exit from the international bailout next summer, European Commission mission chief Declan Costello said on Monday that the end of the memorandum era does not also mean an end to structural reforms.

Speaking at the 19th Invest in Greece Capital Link Forum in New York, Costello urged Greece to overhaul its public administration, reform the tax system, and introduce measures that will make it an attractive destination for foreign investors.

However, Finance Minister Euclid Tsakalotos insisted there will be a “clean exit,” predicting that discussions in 2018 will revolve around measures to reduce Greece’s debt mountain, as well as the effort to create enough reserves that will facilitate the country’s return to markets.

For his part, in a recorded address to the forum, Prime Minister Alexis Tsipras insisted Greece is back on track and urged foreign investors to take a chance in the country, saying, “The land of opportunity is having its gates wide open for highly profitable investments.”