The managing director of the European Stability Mechanism (ESM), Klaus Regling said the period at the start of 2015 cost Greece billions of Euros, as many reforms were reversed via the policies adopted by the newly elected SYRIZA government. Sharing a panel with Greek Finance Minister Euclid Tsakalotos at the Economist Roudtable in Athens, Mr. Regling said the ESM would release 7.7bn of the total 8.5bn euro tranche to Greece over the next week. The German economist added that the fiscal adjustment process had been completed with the voting of measures by the Greek parliament, adding that the only step needed was to boost reforms for the state to change and reinforce privatisations. He appeared confident that if the reforms were implemented, Greece could access the markets before the completion of the current programme at the end of 2017 or the start of the next year.
ESM head said start of 2015 set Greece back