The head of the European Stability Mechanism (ESM) Klaus Regling said that discussions on Greek debt relief would start only if the next Greek government implemented the agreed reforms.

He also stated he was confident the International Monetary Fund would participate in the third aid program to Greece.

“It has not been defined to what extent the IMF will contribute but I’m confident that they will participate later this year,” Regling, boss of the euro zone’s permanent bailout fund, told a conference in Ljubljana.

Moreover, Mr. Regling said that he was confident that monetary union in the euro zone could work well without full fiscal union.

“I don’t think we need to go a lot further for a good functioning of the euro zone area,” he said.