This has been a year of extraordinary change for the euro area, the ESM, and our programme countries. In Greece, a painful process of economic reform was brought to a sudden halt, just as it had begun to bear fruit. The risk that the euro could disintegrate became real. Tortuous negotiations were needed to get the reform process back on track. Now, less than a year later, the crisis is receding. This shows that Europe’s “cash for reform” model – which the ESM implements – works. Four of the five programme countries have success stories to tell. Greece is hoping to join that group, and has embarked on a new programme. The country can succeed, but only if it sticks to its plans to overhaul its economy, and to put it on a modern footing.
Click here to download the December 2015 ESM/EFSF Investor Newsletter.
