ESM head Regling: Greece is a special case

ESM head addressed EP

Klaus Regling, the managing director of the European Stability Mechanism (ESM) said Greece was a “special case” during a speech before the European Parliament, Wednesday. The ESM chief stressed Greece was in the middle of its 3rd fiscal adjustment program, contrasting its progress with the other countries that collaborated with the ESM which had successfully completed their programs. “Ireland, Spain, Portugal and Cyprus proved our approach works, Mr. Regling underscored. He went on to say that the positive signs of those countries’ harsh adjustments were visible. “Those countries have high growth rates and unemployment is declining”, he added. The ESM head noted that Greece had recorded substantial progress in 2014 when the economy had returned to growth and it was ready to enter the markets, adding that from August of 2015 “good progress” has been recorded in the framework of the 3rd program and 32 billion Euros had already been disbursed.