The European Commission published its compliance report of for Greece’s third economic adjustment program, as part of the first review, detailing the supplemental measures such as the automatic fiscal adjustment mechanism and privatization targets.

As explained in the report, the four pillars of the bailout program are to restore fiscal sustainability; safeguard financial stability; growth, competitiveness and investment and developing a modern State and public administration. In order to achieve the goals outlined in the review, the Greek government will have to introduce about 5.6 billion euros worth of measures by 2018.

Nevertheless, the report also indicates that there is still significant program implementation risk, while the macroeconomic forecast is largely uncertain. Additionally, the report highlights the risk of the government failing to fully implement the reform program, the impact of the refugee crisis on tourism, the overall effect of the capital controls and delays in addressing NPLs.