Eurogroup expected to approve disbursement of 2.0 bln euros

4 November 2015
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A Eurogroup meeting on Monday is expected to approve the disbursement of a first sub-installment of 2.0 billion euros to Greece, while the country will return to growth rates in the second half of 2016, Pierre Moscovici said on Wednesday.

Speaking to reporters, during a news conference, after the completion of a round of meetings with top government ministers in Athens, the EU Economic and Monetary Affairs Commissioner expressed his satisfaction over “a spirit of cooperation and confidence” restored between the institutions and the
Greek government following the signing of the agreement on July 12.

Moscovici said his visit’s aim was to prepare the next steps, such as the November 9 Eurogroup, which will be very important and stressed that “by the end of the week the government has to take difficult decisions”. He added that both sides would reach a good compromise, while commenting on the recapitalization of banks he said that the release of capital needs is a very important step showing that the way was open.

He stressed that after the completion of the commitments for prior actions and recapitalization, a discussion over the restructuring of the country’s debt will start, “in an ambitious and realistic way to have an intelligent outcome accepted by everyone”.

Commenting on the pension system he said that reforms were needed to become sustainable and noted that reforms would be defined this month as not final decisions have been reached so far. On the problem of non-performing mortgage loans, he said that the social structure of Greece must be safeguarded but a culture of responsibility and payment should be created. “I believe we will reach a good compromise,” he said.

Moscovici repeatedly expressed European Commission and his personal support to Greece’s “difficult decisions”and stressed: “We want a strong Greece, with employment, improved social cohesion and attractive to investors.” He also added that Greece is a blessed country with huge assets that could be developed for the benefit of all.

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