European Stability Mechanism Chief Klaus Regling told German newspaper Frankfurter Allgemeine Zeitung that he cannot guarantee that the prevention of a Grexit from the eurozone. The Grexit-obsessed officials who has made similar comments in the past, admitted that at the moment Grexit is not under discussion because Greek Prime Minister Alexis Tsipras is doing his job. “This week all reforms necessary (for implementation) by the end of the year were passed in (Greek) Parliament,” he said.

He clarified that social security and the matter of debt will be dealt with during the first review of the new program. Asked whether there would be delays in the review he said that in Greece things sometimes get stuck. “This, however, should not be confused by someone to mean that there is lack of desire for reforms. THere are reasons for delays, the main one being a weakness by the Greek administration,” he said. “The move of Greece nearer to European standards is the work of an entire generation. But it is the case that the Greek government is now willing to proceed with reforms.”

He made it clear that if the Greek government wishes to get ESM funding it needs to proceed with reforms. If it does not, then it won’t be able to meet its payments to the European Central Bank and International Monetary Fund. In such a case, the same problems faced in the middle of 2015 would come to light once again.

Regling said that the IMF’s role in Greece isn’t important as a lender, however it can continue to be exploited at a financial and technical level in terms of monitoring the Greek program.

Regling said that a debt haircut, especially following the IMF’s interest in Greek debt viability, is impossible for legal reasons. The ESM chief pointed out to low interest rates and long duration of debt repayments would ensure the viability of the debt. He appeared positive that the debt index would subside as reforms were implemented in Greece.