2013.03.2607:21:01UTC+00Germany says Greece making progress in restoring credibility

According to the Germany’s finance minister, Greece is already restoring its credibility and should stay the course of reforms agreed with its lender to get any further support it may need. The German finance minister said in a Greek newspaper interview.

"Greece is on track to regain credibility. The more credibility it gains the easier it will be for the country to continue getting the support it may need in the future," Wolfgang Schaeuble told the Ta Nea newspaper.

The minister defended the mix of fiscal austerity and reforms which has left the economy in a deep recession, saying the policies were starting to bear fruit, but that patience will be needed before Greece can stand on its own feet.

"Right now all macroeconomic indicators are showing that the recipe is yielding fruit. But more time will be needed than what many in Greece would desire," Schaeuble was quoted as saying.

He told the paper that if Athens showed stamina and patience and followed the path of economic adjustment, its economy would recover and grow on a sustainable basis.

Athens is scrambling to achieve a small primary budget surplus this year for the first time since 2002 through higher taxes and cuts in public sector pay, a key benchmark which may open the way for further debt relief from euro zone partners.

"If it achieves this (primary surplus) everyone will see that the country is actively confronting the challenge. After that we will jointly see what can be done additionally to stabilize the country," Schaeuble was quoted as saying.

Inspectors from the so-called "troika" of EU, IMF and ECB lenders began their latest assessment of Athens' performance in meeting the terms of its latest bailout plan earlier in March.

They are due to return in early April to wrap up the review, the first assessment after fresh bailout aid was unlocked in December. In exchange, Athens passed a new round of austerity measures to bring its finances back on track.

"EU/ECB/IMF officials are not going to Greece to pull the country by the nose. They have a tough supervision mission so that we can say that Greece is fulfilling its obligations and gaining our trust," the minister told the paper.