Greece’s public debt may be the highest in the European Union by far but remains viable even after the coronavirus pandemic crisis, European Stability Mechanism (ESM) Managing Director Klaus Regling said at the Delphi Economic Forum in Athens on Thursday, according to ANA.
Speaking at the panel on “Addressing the Public Debt Issue Post-Pandemic”, Regling said that three reasons have helped its viability: the country’s very good fiscal state in 2019 before the crisis erupted; the structure of the Greek debt following its restructuring, particularly the fact that half (55%) relates to low-interest and long-term loans ESM has provided; and the European Central Bank’s monetary policy and the emergency measures it applied during the crisis, which helped de-escalate Greek bond interest rates.
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