''..I am aware that the Greek reform drive has not killed concerns that Athens might yet be forced to restructure its debt. For several intertwined reasons, I find these concerns unfounded.
First, while the program is no doubt ambitious, it is also realistic. It is based on a prudent macroeconomic scenario, yet the debt dynamics are designed to be sustainable even under a more conservative projection throughout the program. In fact, the impressive progress with structural reforms is likely to lead to a higher than assumed GDP growth. The pension reform that is being implemented ahead of schedule will considerably reduce future spending pressures. Achieving the program's fiscal targets is also facilitated by structural reforms improving tax administration and tax compliance, as well as efficiency of public expenditure.
Second, the broader structural reform agenda..''
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