BUSINESS

Moscovici: Post-program surveillance examined for Greece to ensure reforms remain on track

TAGS: EU, Economy

Eurozone finance ministers are examining the type of surveillance Greece will be under after it exits its adjustment program in August to ensure the country will remain on track, European Commissioner for Economic and Financial Affairs Pierre Moscovici said on Friday, as he arrived for a Eurogroup meeting in Sofia.

“We’re in the final line to conclude the Greek program and we know that decisions must be taken ideally on the Eurogroup on June 21 in Luxembourg. So we have no time to lose,” he said.

Moscovici said ministers must prepare the conclusion of the fourth program review. “I can see very good progress but there is still a bit of work that needs to be done,” he said, adding that he hoped the mission chiefs of the institutions can return to Athens quickly so that the program can be completed.

“The other aim is to examine the design of the post-program surveillance which shows that reforms are on track and long-lasting but doesn’t look and mustn’t look like a forced program,” he told journalists.

He said Greece should become a normal country in the euro zone with full access to markets.

The third issue is the growth strategy that needs to be delivered by the Greek authorities. “We must have a growth strategy that is credible, Greek-designed and Greek-owned,” he said.

Concerning the country’s debt pile, the Commissioner said the next step is to find a mechanism that alleviates the burden on the Greek people and cited the idea floated by France that links debt relief with growth.

“We’ve made a lot of progress, we’re in the final line,” he said.

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