This became necessary owing to the very substantial amount of official financing that will be channelled through the existing Greek institutions, in particular the Hellenic Financial Stability Fund. Conclusion Let me conclude with a message of hope. Yes, the medicine is bitter, but the patient can and will recover if he follows the prescription.
Looking at successful past experiences of fiscal adjustment in other European countries shows that this is not a lost battle. However, an absolute prerequisite for the adjustment to succeed is strong political ownership. The Greek people are not reforming their economy and their state to please the troika; they are not carrying out sacrifices to please country X or Y in the euro area.