On the first part the latest figures show major steps in the right direction, but Greece still lags on the implementation of structural reforms.

Forecasting that Greeks could see "light in the end of the tunnel in the second half of 2011," returning on the road of growth, Rehn suggested concentration on key reforms.

During a meeting with Greek Prime Minister George Papandreou and during a speech at the Greek parliamentary Economic Affairs committee, he repeatedly raised attention to necessary drastic changes in the labor market, the healthcare system, the liberalization of restricted professions, the restructuring of loss-making state enterprises and the fight against tax evasion to boost investments.

Commenting on strong reactions by Greek citizens on this wave of austerity measures and structural reforms, he said that he understands the anxiety of people about the future when they are called to change habits overnight, but "whether we like it or not, it is an inevitable element in our times."

Still objecting to cutbacks on wages, pensions, tax hikes and reforms members of a Left labor union staged one more protest in the center of Athens on Thursday afternoon, denouncing Greek government policies and Rehn's suggestions.

Asked whether Greece will need a new loan to overcome the crisis after 2013, Rehn said categorically that he sees no such need if the program will be fully implemented without time wasting.

He expressed confidence that the option of extending the repayment period of the EU-IMF loans for Greece to 2021 instead of 2016 under the initial agreement in May, will erase all doubts in markets whether Greece will be able to pay back all loans.

The decision on that extension will be discussed at the Council of Finance Ministers early next year, with a positive recommendation of the European Commission, he said.

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