Implementing already agreed-to reforms is an “utmost priority" for Greece, ECB board member Benoit Coeure told reporters in Sofia on Friday, immediately after the conclusion of a Eurogroup meeting convened in the Bulgarian capital.
In more-or-less alluding to the ECB's positions over the looming end to the third Greek bailout, Coeure referred to three "messages" that came out of Friday's Eurogroup, namely:
- that the fourth review of the current program must be concluded within a stated timeframe
- the option of a "clean exit" is a decision for the Greek government, although the ECB favors a "stronger" option, without clarifying what this is, and third
- taking credible measures to ensure the sustainability of the Greek debt.
Moreover, he aligned himself with the IMF position by saying he favors automatic and front-loaded measures in order to reinforce market's confidence in the Greek program.
On his part, Greek FinMin Euclid Tsakalotos also spoke after the Sofia meeting, confirming that a heightened supervision by creditors of Greek finances and fiscal policy will follow the end of the memorandum. Nevertheless, he said such a prospect has no relation to a precautionary credit line, nor with previous reviews that are linked with the completion of prior actions in order to achieve loan disbursements.
