MEPs warn of ‘devastating results’ without Greek debt relief


European lawmakers supportive of Greece’s left-wing government are urging the European Commission to act swiftly on debt relief for the bailed-out eurozone member, warning that delays would produce “devastating results” for its economy.

In a letter on Thursday to Economic and Financial Affairs Commissioner Pierre Moscovici, 36 lawmakers from Greece’s ruling SYRIZA and European allies’ parties urged the EU to press eurozone bailout lenders to negotiate new terms on the 315-billion-euro national debt that would entail longer maturities and a smoother repayment schedule.

Creditors are committed to improving terms, but lead eurozone lender Germany and the International Monetary Fund are at odds over the urgency, with several eurozone members arguing Greece has already been granted generous repayment terms and delayed vital structural reforms.