ESM head urges Tsipras not to squander Greek sacrifices

Greek Prime Minister Alexis Tsipras should not squander the sacrifices that his compatriots have made so far with its painful reforms, the head of the European Stability Mechanism Klaus Regling told Germany's Bild newspaper on Wednesday. 

PHOTO: REUTERS

MAY 27, 20157:23 AM

[BERLIN] Greek Prime Minister Alexis Tsipras should not squander the sacrifices that his compatriots have made so far with its painful reforms, the head of the European Stability Mechanism Klaus Regling told Germany's Bild newspaper on Wednesday.

"As a result of the painful reforms, Greece was on the right path until the end of 2014," Mr Regling said, noting its products were less expensive, the economy was growing, new jobs were being created and investors were buying Greek debt.

"Prime Minister Tsipras should continue this successful reform course," he added. "Otherwise he will put at risk all the sacrifices that the Greeks have made so far."

In an another excerpt from the interview published on Tuesday, Mr Regling warned: "There is little time left. That's why we're working day and night for an agreement. Without an agreement with the creditors, Greece will not get any new loans. Then there's a threat of insolvency. There are a lot of risks contained in that."

The Greek government said on Monday it intends to make good on its debt obligations, but needs aid urgently to be able to do so after several senior officials insisted Athens had no money to pay a loan instalment falling due next week.

REUTERS