Debt relief should be substantially frontloaded, EU Commissioner Moscovici says

Debt relief should be substantially frontloaded, EU Commissioner Moscovici says

European Commissioner for Economic and Financial Affairs Pierre Moscovici expressed certainty that a final agreement covering the post-programme period, surveillance and debt relief will be reached at June 21 Eurogroup meeting, in a interview with the newspaper Kathimerini on Tuesday.

"I am certain and I think everyone is certain. An agreement on June 21 will send a strong message to the EU Summit taking place later in June that things are progressing according to schedule, that we have finished with this chapter and are heading toward a strong future for the Eurozone," Moscovici said.

Moscovici explained that "in my talks with Eurogroup President Mario Centeno, the finance ministers of the other member-states, the International Monetary Fund (IMF) and the other institutions, [it is apparent] that we are moving in the same direction. This does not mean that we are done. We must definitely show that we can do this 10 days from now - we are not there yet, but we will reach our goal if all sides accept their responsibilities."

According to the Commissioner, "the IMF is not the main issue. First, it is clear that we need to conclude the fourth review and I hope that in the next days the Greek authorities will concentrate and put all their energy into the 88 prior actions".

If Greece holds up its own end of the agreement, then all the partners must keep theirs, Moscovici said. Debt relief should include substantial frontloaded measures that the markets will consider credible, he noted.

Finally, the Commissioner clarified that nobody is pushing Greece to accept a precautionary credit line and that everyone wants Greece to exit the programme as a normal country. Nobody wants a fourth programme, he said, they want strict implementation of the agreements made, a strong debt relief package and significant post-programme surveillance. If all these conditions are met, then Greece will leave the programme in a positive and credible way for the markets," he added.

Source: AMNA