As already mentioned, the consolidation of confidence is a sine qua non. At the same time however, a financial safety net will need to be put in place to assure that Greece is able to weather adverse developments that could temporarily drive borrowing costs up to unsustainable levels.
The envisaged “cash buffer” is one such safety net, that would enable Greece to avoid a recourse to the markets at times of heightened volatility and high refinancing costs.