Moscovici rules out loosening Greek budget target

28 June 2016
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European Commissioner for Economic Affairs Pierre Moscovici on Tuesday ruled out a relaxation of the Greek budget target in comments to the press ahead of a European Union summit in Brussels.

Responding to questions from Greek media over whether the Commission would consider a proposal to loosen the primary surplus target in 2018 to below the current rate of 3.5 percent of gross domestic product, Moscovici said that “no one wants to change the program and I don’t want to create new expectations.”

The International Monetary Fund has disputed this target as being too demanding.

The commissioner, however, appeared upbeat about Greece’s ability to meet its commitments after wrapping up a review of its bailout program and said he believes the country has “turned a new page.”

Moscovici is expected in Athens in the second half of July, where he will meet with Prime Minister Alexis Tsipras to discuss the terms of the third memorandum of understanding signed between Greece and its creditors, but also to meet with local lawmakers and business representatives.

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