Speaking at the economic Forum in Brussels, director of the European Stability Mechanism (ESM), Klaus Regling said Greece was saving 8bln Euros annually thanks to the low interest rates and concessional terms. Commenting on the future of Europe, Regling said the ESM was essentially playing a role in the Eurozone similar to that of the IMF, but was dependent on the collaboration of three institutions; the ESM which acted as the funding body; the European Commission; and the European Central bank (ECB). ‘A great deal of collaboration is needed for the system to operate and I think we proved we can do it’, said Regling. He underlined that thanks to the mechanism Greece had a lower annual debt servicing than countries like France, Belgium or Spain.