Regling To Le Figaro: Greece is suffering from the measures

(Photo credit: Teo's photo)

The population of Greece is "suffering enormously from the fiscal consolidation measures," European Stability Mechanism (ESM) chief Klaus Regling told the French newspaper "Le Figaro" at the weekend in adding that what he fears most is "the cessation of reforms". He said that in his opinion Greece needs more time to overcome the crisis, unlike Ireland which "is very close to doing so."

He said that Cyprus' case is dangerous to the entire Eurozone and that decisions on the matter should be made quickly, as its debt crisis is at risk of spreading to the rest of the Eurozone countries. Cyprus's crisis, he added "is systemic".

Regarding the upcoming Italian elections, Regling noted they are a source of uncertainty, despite the fact that the Eurozone has the means to cover its borrowing needs. "The reforms introduced by the outgoing government were critical and we hope that they will be continued by the new government." ProtoThema