During a recent European Parliament committee session,
European Stability Mechanism (ESM) Managing Director Klaus Regling categorized
the Greek adjustment program as a “special case” when explaining delays but
praised the country’s growth over the past two years.
Regling acknowledged the delays that have plagued the Greek
adjustment program, citing the country’s third bailout compared to other
countries like Cyprus, Ireland, Portugal and Spain, which had also experienced
adjustment programs but have since exited. The other countries’ economies are experiencing high
growth rates and reduced unemployment.
Regling noted that Greece is also making progress,
citing the gains made since 2014. He did not, however, reference the first six
months of 2015, when the leftist-rightist coalition government led by Prime
Minister Alexis Tsipras took over.
