It’s time to discuss the next step: the fiscal path until and beyond 2018, debt sustainability and whether debt measures will be needed. The mission chiefs are back in Athens. The priority this week is to agree on contingency measures, which I see as an insurance in the event that the IMF fiscal scenario, which is more conservative than the European one, materialises.
It’s not surprising that there are different views, as there is so much uncertainty. At this point it’s a discussion about risk management and how to hedge against risk. These are measures, if the scenario of the Commission, the ECB and the ESM is the right one, that Greece will never have to implement.