ATHENS, July 7 (Xinhua) -- The eurozone can emerge from the current crisis more cohesive and resilient, Klaus Regling, managing director of the European Stability Mechanism (ESM), told a forum here on Thursday.
Despite inflationary pressures amid the ongoing energy crisis, Regling told the 26th annual Economist Government Roundtable held from July 5 to July 7 that he did not expect a euro crisis to break out.
"I don't see any immediate threat to debt sustainability in any eurozone member state at the moment," he said, adding that currently, there are no major macroeconomic problems in the eurozone.
The interest rate burden as a percentage of gross domestic product (GDP) on the eurozone countries' public budgets is at its lowest level in half a century, he said, despite the significant levels of debt.
The eurozone, he said, has become much more resilient in the wake of the past decade's crises as new institutions have been created, Regling noted.
He praised host country Greece for its progress under difficult circumstances, and said that the requisite reforms should continue.
Greece exited a painful bailout era in the summer of 2018 after averting bankruptcy by relying since 2010 on three international bailout programs. In the past four years, the country has returned to growth and gradually to international markets.
Greece is set to exit the enhanced surveillance regime this August and transition to normal post-program surveillance.
Amid turbulent times, the Greek economy has demonstrated remarkable resilience, and will most likely post 3.1 percent GDP growth this year, Greek Finance Minister Christos Staikouras said at the forum.
"However, we still face lingering uncertainty, significant challenges and downside risks related to energy prices and inflation, which require persistent reform efforts at the national level, as well as decisive solutions at the European level," he said. ■