The European Commission raises concerns over the successful implementation of the Greek adjustment program in its Compliance Report due to delays in dealing with non performing loans and the necessary reforms in the Greek economy. According to the Commission’s report, the areas that could jeopardise the implementation of the program include: The failure by the Greek government to fully own the reform program; a more negative impact of the refugee crisis on trade and tourism; the prospect of global commerce slowing down; the possibility of greater consequences due to extended capital controls; failure by the Greek authorities and banks to deal with non performing loans in order to strengthen bank balance sheets. The last point could seriously hamper the banks’ ability to issue liquidity and support a strong and viable growth and employment. The report underlines that progress on the privastisation front could be more efficient if the state protects the Privatisation Funds’ boards from unwarranted interventions. The report urges the Greek government to remain determined and reliable on its commitment to reforms.