So this could be the beginning of a new world for Greece where the pending financing problems have been addressed. Now the policies will have to be enacted. The Greek Government has undertaken very serious commitments in the fiscal policy and in the structural policies areas. But there are implementation risks and probably oncoming elections.
Mr. Chairman, the Bangko Sentral ng Pilipinas thanks you, the Committee and the Senate for this opportunity to provide our views and analysis on the issues at hand. We trust that we have comprehensively addressed your concerns and we look forward to our continuing collaboration to ensure that our financial market sustains its development. BIS Review 119/2008  5