Greece has made immense progress in creating a basis for a sustainable growth model, based on sound public finances, a more competitive economy and a robust, effectively supervised financial sector.

This unprecedented programme of reforms and the necessary large fiscal adjustment have entailed very difficult choices. The Commission and the euro area as a whole have stood by Greece throughout this process. While there is a clear need to maintain the momentum of reform, there is strong evidence that the country has now turned a corner.

There should be no doubt that Europe will continue to assist Greece in whatever way is necessary to ensure reasonable financing conditions for the Greek state and to smooth the path back to full and sustainable market access.

To that end we will cooperate very closely with the Greek authorities to complete the current review, which will require a comprehensive package of ambitious reforms to be agreed. We will work to ensure a smooth evolution of European support for the country after the end of the current programme. We will support Greece in reassuring lenders and financial markets of the ongoing firm commitment to reform and to the maintenance of budgetary targets, including a strong and adequate fiscal buffer.