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Eurogroup must strike a balanced compromise on Greeces debt, Moscovici says

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European Commissioner Pierre Moscovici called Thursdays Eurogroup "a decisive moment for Greeces future and a significant test for decision-making in the Eurozone."

In his statements on Monday he noted that the conclusion of the Greek programme will signal the end of the last chapter of the economic crisis in the eurozone.

Mosovici expressed the certainty that there will be an agreement that will send a positive message to the markets and the public. "We need a balanced compromise among all the parties involved that will ensure growth and a sustainable debt in the future. We need a credible agreement for the Greek citizens, European tax payers and the investors," he underlined, pointing out that Greece has met its commitments and it now appeared certain that the other member-states will also meet theirs. "This means agreeing on frontloaded measures that allow substantial relief of the Greek debt, which will be put on a sustainable course," Moscovici said.

Referring to the International Monetary Fund (IMF), he said that, in practical terms, it had participated in the European Stability Mechanism (ESM) programme from the start, even if it had not put up funds, as "it has been closely involved in the programme and all the reviews, as well as all the debates in the Eurogroup." 

The relationship with the IMF will not practically change as it will continue to participate in the post-programme surveillance, he added. The important thing, according to Moscovici, was that the IMF was convinced by the agreement on the debts sustainability and was in a position to approve it. "This is the key for the agreements credibility and the investors trust," he said.

Finally, on the post-programme surveillance framework, Moscovici stated that "the end of the progamme should signal a tangible change for Greece, a moment of normalisation for the country". 

The economy is on a good course, he noted, adding that Greece will continue to abide by the agreed fiscal target and implement its commitments. The Commission will  play its own role in the support and monitoring of Greeces efforts, in order to ensure their completion, continuation and implementation, he concluded.

Source: ANA - MPA

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