Greece may be able to begin financing itself after the completion of the current program in August 2018, according to statements by Klaus Regling, managing director of the European Stability Mechanism (ESM) in Belgium on Tuesday.

In a guest lecture at the College of Europe’s Bruges campus on the deepening of the Economic Monetary Union (EMU), Regling explained to the university students how ESM works, what the bailout programs were, and what integration in Europe meant.

Greece, he said, is on the last year of the current loan program, and said that if the scheduled reforms continue, there is a good chance that Greece will be able to refinance itself on regular basis after the completion of the loan program in August 2018.

The country already took a first step in this direction in July, when it floated its first bond since 2014, he said, adding that the Eurozone countries have promised further debt relief if Greece continues to implement reforms, he added.