Klaus Regling

The report notes the unwelcome rescinding of an agreed to pension cut that was to have taken effect on 1 January, 2020.

“The outperformance of the Greek economy beyond fiscal targets is not sufficient to automatically justify the cancellation of the measure. We shall see and discuss the issue,” said the ESM chief.

It does not suffice for Greece to prove its own trustworthiness, because it is linked to the trustworthiness of other weak links in the eurozone.

'We are a very patient creditor, but we can stop the debt relief measures that we have agreed to with Greece, if the adjustment programme does not continue as we have agreed.'