“We are negotiating hard, as we always do", he said. “However, realism and calm has to prevail on all sides. At a time when markets are starting to trust Greece again, illogical demands can only cause damage.” “We will only agree on a new bailout package if it is not accompanied by new measures", said Stournaras. “We will accept structural measures.”
Greece has already backed down over the size of its primary surplus this year, with the troika rejecting Athens’s requests to include gains made by the Hellenic Financial Stability Fund. It has also been rebuffed by the troika over projections of increased tax revenues next year.
The ECB has refused to budge on the issue of bond rollovers because it considers this “monetary financing” of a Member State, which the bank’s charter forbids. The Greek government however believes that the ECB has been more flexible on similar issues in the cases of Ireland and Italy. “Fiscal and monetary strictness cannot be exhausted in Greece", said Stournaras.