The Greek debt is sustainable going forward, Eurogroup President Mario Centeno said at a press conference following the group’s marathon meeting in Luxembourg that began on Thursday afternoon and ended early on Friday.
Centeno hailed the agreement and noted that Greece has fulfilled all 88 prior actions necessary for the completion of its fourth and final program review. He said that in total, Greece implemented over 450 reforms, many of which were painful to the Greek people.
According to Centeno, the 10-year extension on the repayment period for EFSF loans, and the 10-year grace period, will allow Greece to return to the markets successfully.
He said that the IMF will take part in Greece’s post-program surveillance. The country will exit the program with a cash buffer of 25 billion euros, “covering needs for the next 22 months.”
“We can safely say Greek debt is sustainable going forward,” he said, adding that in the European Union “all adjustment programs are behind us.”