Moscovici: ‘Light at the end of the tunnel’ appears for Greece

8 February 2018
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Visiting European Commissioner Pierre Moscovici, one of the more pro-Greek leaders in the EU, told his hosts on Wednesday that there’s “light at the end of the tunnel,” in referring to the end of the third – and last – bailout for the country in August 2018.

In an interview with Greece’s national news agency (ANA), Moscovici also continued to offer “more carrot than stick”, saying that austerity linked with memorandums will end, “assuming responsible fiscal policies continue”.

“Because many of the program commitments will continue to be implemented long after the program ends, there will also need to be an appropriate type of post-program surveillance in place. But let’s be clear: there will be no more memoranda…” was the quote attributed to Moscovici, with “post-program surveillance” being the former French finance minister’s diplomatic way of referring to continued supervision by creditors.

Asked about more debt relief for the still bailout-dependent country, a standing demand by Athens and the IMF, Moscovici said work has begun on the technical aspects of a mechanism tying debt relief with Greece’s future economic growth – itself a French proposal enunciated by Emmanuel Macron.

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