Serious concerns over the sustainability of Greece's public debt and the return of confidence on the economy is still gradual, European Central Bank Executive Board member Benoit Coeure said Wednesday.
"All stakeholders in the Greek adjustment programme realise that there are serious concerns about the sustainability of Greek public debt," Coeure said in a hearing at the European Parliament.
"A discussion is currently ongoing in the Eurogroup on the short-term, medium-term and long-term measures needed to secure the sustainability of Greek debt."
Greece needs to do more to safeguard financial stability, ensure sustainable economic recovery and regain access to international capital markets, the policymaker said.
"The mere fact that bank deposits linger at about three-quarters of their level of late 2014 shows that the return of confidence is still gradual," Coeure pointed out.
"We are looking forward to a solution that can reassure markets, restore confidence in the dynamics of public debt, allow the full involvement of the IMF in the programme - which would enhance the programme's credibility - and restore market access for Greece ahead of the end of the programme in July 2018, while not undermining the reform effort," he said.
He also urged Greek authorities to continue to show a serious commitment to the goals and measures taken in the context of the programme, to assure stakeholders that reforms will not be reversed, but strengthened going forward, to support economic growth.
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