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ESM Regling tells …Koreans, “Greece could exit the program in two years”

The chief of European Stability Mechanism Klaus Regling wanted to send a positive message to Greece – and apparently did not know how. apparently he also did not want to be so …obvious and committed. So he picked up a newspaper with headquarters in South Korea and spread his message for Greece.

“Greece can successfully emerge from the economic adjustment program in about two years, provided that they will insist on reforms,” Regling told …Korea Herald and stressed that “among the countries that joined in ESM program, Greece was the most difficult case because it showed the most severe economic divergences.”

Similarly, other countries need only one program, while in Greece the program implementation “stopped in the first half of last year when Alexis Tsipras government” took over.

Regling explained to Korean journalists and the Korean public that is eager to know all about the Greek crisis with a couple of years delay, that “the Greek financial problems resulted from a combination of factors. The country had the worst alignment of the five came to the program, the largest deficits in budget and trade, and other structural problems and had to do the most difficult adjustments.” And “a weak administration”.

Klaus Regling noted that “after August [last year when the 3, bailout program was signed]“we are again in a cooperation regime” and “if the country remains committed to the reform agenda, I am convinced that it will successfully exit the program in about two years.”

He added that Greece has the highest debt, which the ESM funds with very low interest rate of 0.5% – 1% and that this is a burden bearable when compared with market interest rates that are higher. “This will give them time to get out of problems,” he said.

PS I am so relived that our Korean friends finally know everything about Greece and how the country will exit the bailout program. Ops! Not even the Korean public. Korea Herald is the largest English newspaper in South Korea.

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3 comments

  1. Could….should…..won’t.

  2. KLAUS REGLING was obviously trying to assure Korea on the viable & successful stratagies of the Europan Union Group & Banks. In bringing the European Union Member Countries back into financial stability.
    AND NOT TALKING GREECE UP IN ANY WAY.
    The European Union Group & European central banks are a FAILED PROSPECT.
    What is Klause Regling doing in Korea in the first palce ?
    BORROWING CREDIT FOR THEIR FAILED EUROPEAN BANKS NO DOUBT.
    HE IS OVER IN KOREA WITH A BEGGING BOWL.

    • South Korea has interesting cuisine with insects – like fried locusts and cockroaches. Maybe they will give a bowl or two of these to Regling.