European Stability Mechanism (ESM) chief Klaus Regling reiterated lenders’ commitment on taking measures to reduce the debt burden of Greece in the coming years, “if necessary”, during the joint conference with Finance Minister Euclid Tsakalotos on Tuesday.

He also made a call to respect the target for the primary surplus of 3.5 pct of GDP, since it is part of last summer’s agreement.

Asked whether the target can be reduced to 2 pct or 1.5 of GDP (as the IMF demands), the ESM head said that “I will have to respect the agreement.”

Mr. Tsakalotos said that they agreed that the discussion on the debt should continue and that two parallel processes, one for debt relief and one for the implementation of prior actions, will be ongoing until the end of the year.

He also stressed that after reaching an agreement, the focus should be shifted to development.

Mr. Regling also highlighted the need for reforms and incrasing the competitiveness of the Greek economy. “The ESM will continue to support Greece,” he stressed, saying that today the 7.5 billion euros tranche was released in order Greece to pay its debt and reduce outstanding public debt. “The next 2.8 billion euros will be disbursed in several tranches,” he said.