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Greece must keep reforming to stay in euro, ECB’s Coeure

Greeks are due to vote on Sunday & the winner will need to oversee deep economic reforms.

The Greek Parliament in Athens in July 2015. Picture: AFP

PARIS - Greece will have to continue to carry out economic reforms in order to remain in the euro zone, European Central Bank Executive Board member Benoit Coeure said on Friday.

Greeks are due to vote in a general election on Sunday, and the winner will need to oversee deep economic reforms required for an €86 billion (£62 billion) bailout brokered in August, a recapitalisation of the country's banks, and the unwinding of capital controls imposed to prevent an implosion of the financial system.

"Greece must continue to reform in such a way as to be able to stay in the euro zone," Coeure told a conference in Paris.

Prime Minister Alexis Tsipras resigned in August, after seven bruising months in power, deepened political uncertainty on the very day Greece began receiving funds under its third bailout program with foreign creditors.

Tsipras had long been expected to seek early elections in the autumn to consolidate his position after caving into the creditors' demands for more austerity and economic reform in return for the bailout loans.