The disbursement of the 7.5 billion euro loan tranche to Greece is an important moment for the country as well as for Europe, the general manager of ESM Klaus Regling said at the Economist Conference in Athens.

“It is a recognition of the progress made by Greece to modernize its economy. It also shows that Europe will not leave Greece alone. Greece is a member of the European family,” he said adding that Europe will continue to show, if necessary, economic solidarity towards Greece. The remaining 2.8 billion euros, he said, will be given when Greece meets further prior actions and repays some of its overdue obligations.

Mr. Regling noted that the eurozone wants to continue to support Greece’s efforts with further measures to reduce its debt.

“Despite initial delays, we have seen significant progress in privatization. These are expected to make economy more efficient and generate revenue for debt reduction, ” said Mr. Regling. “With these reforms,” he continued, “Greece’s economic development is again on track,” adding that recovery started in 2014 and interrupted by the political developments in the first half of 2015 must reboot.”