Moscovici: Technical Deal on Greek Bailout Possible in Coming Weeks

Tuesday, April 4th, 2017
Last Update: 23:08

European Commissioner for Economic Affairs, Pierre Moscovici, in an address to the European Parliament in Strasbourg, stated that “We continue to believe that a staff level agreement in the coming weeks is not only possible but also necessary to limit risks linked to a delay.”

Greece is being pressed by eurozone creditors to adopt new reforms on pensions and the labor market in exchange for new loans needed by Athens to pay debt due in July.

According Reuters, Moscovici also pointed out that the commission expected Greece to have reached a primary surplus last year of above 3 percent of gross domestic product, much higher than required by creditors that had set a target of 0.5 percent for 2016.

The EU Commissioner also told lawmakers that Greece had already made many efforts that deserve recognition, adding that Athens was also on its way to reaching its fiscal targets this year and in 2018, when its 86 billion euro ($91.6 billion) bailout program ends.

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