During his interview in Focus Online, he pointed out that Greece was never eager to implement the agreed reforms and “we will see in the future that these will not be implemented at all.”

And this is because, as the senior fellow at the Center for Financial Studies at the University of Frankfurt claimed, “Greece wants to break free from Troika’s control”.

Mr. Mayer argues that the EU has no longer any means of pressure to Greece in order to force the government to implement the appropriate reforms, as the Greek government has “the budget under its control”, meaning that it doesn’t need new money for its current expenditure.

Everything points to a “hidden” third aid package

“We passed the point of no return in the case of Greece” the German economist said, adding that “we should have let the Greeks to their fate when it became clear that the aid program had no effect”. However, Thomas Mayer said, “the eurozone countries decided otherwise. Now we can only hope for a miracle. The countries in crisis will be for many years dependent on the help provided by ECB”.

Thomas Mayer believes that the Greek debt is not sustainable. “The Greek debt is too high. Something should be done. But the eurozone countries do not have the courage to say upfront to their taxpayers that the money given to Greece is lost. Instead, they will stretch the repayment of the loan to infinity. Everything points to a “hidden” third aid package” the German economist stated.

“Greek bonds are the only ones in Europe that offer profit”

Mr. Thomas Mayer believes that the recent “return of Greece to the bond markets” is due to the fact that ECB supports Greece and not because it met its obligations. “What is important for the investors is to have their interests served and their loans repaid. They are not interested in the economic growth of the country”.

He also added that the reduction in interest rates contributed to the success of Greek bonds. “The Greek bonds are the only ones in Europe that offer profits” Mr. Mayer concluded.

“The crisis is not over yet, because none of the countries who face budgetary problems seem to overcome its difficulties. Instead, the debt has increased ,the economic growth is weak and deflation causes the real value of debt” Thomas Mayer said, repeating that it might seem like the crisis is over because of the interventions of the ECB. But, in reality the crisis continues.