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ESM Regling says Greece could use “unused funds to repay loans to other creditors”

The head of the euro zone’s European Stability Mechanism (ESM) bailout fund told German economic newspaper Handelsblatt that Greece was making good progress with its reform drive. Klaus Regling added that “unused funds could be used to repay loans to other creditors.”

Unused funds to repay loans to other creditors? That’s a revolution!

Reuters asked the spokesman of the German Finance ministry to comment on this. But the spokesman declined to comment.

The spokesman said Greece’s lenders would provide an update on the country’s situation at a meeting on Dec. 4.

“On the question of how things will proceed, the programme review first needs to be successfully finished and I don’t want to pre-empt the next meeting of the Eurogroup on that,” the spokesman said.

“I think things will be clearer after that so I don’t want to speculate about possible other uses of funds or about what legal consequences this might have.”

PS How could the spokesman be in position to speculate on a future policy towards Greece, when the current German Finance Minister is just warming up the seat for Schaueble’s successor. And the future of the next coalition government is still written in the stars.

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