Talks between Greece and its official creditors “are now in a decisive phase” and time to reach a preliminary deal is “very limited,” EU Economic Commissioner Pierre Moscovici said.
While there has been progress in areas such as value-added tax and non-performing loans, Greece needs to agree to changes in pension and labor-market policies to speed up progress toward a staff-level agreement, Moscovici told reporters in Berlin on Monday.
“We’re not there yet,” he said. “Time is running out.”
Even so, the only scenario being considered is “a strong Greece in a strong euro zone,” said Moscovici, who plans to meet German Finance Minister Wolfgang Schaeuble and lawmakers later in the day to discuss the way forward with the euro area’s most-indebted country.