This is why, as already mentioned, the successful completion of the second review is imperative.
Among its numerous positive effects, it would: secure the financing of government borrowing requirements and a smooth execution of the 2017 budget; pave the way, together with the completion of the public debt sustainability analysis, for the inclusion of Greek government bonds in the ECB’s quantitative easing programme; bring about, in turn, a decline in borrowing costs for the real economy, facilitating restructuring in the private sector; restore depositor confidence and allow a further easing or even full lifting of capital controls, thereby providing a boost to the export sector of the economy; improve the confidence of global markets and investors in the growth prospects of the Greek economy and allow Greek firms to access international capital markets; provide fresh impetus to the reform effort, geared to restructuring the economy towards a new, extrovert growth model; and reinforce political and economic stability.