Patience of creditors seems to be wearing thin


European Commissioner for Economic and Financial Affairs Pierre Moscovici demonstrated on Monday that the post-program patience of Greece’s creditors regarding Athens’s delays and backtracking on points agreed has limits. Asked whether Greece will collect eurozone central banks’ earnings from Greek bond holdings, he pointed to the compliance report on February 27.

After a tough Euro Working Group last Thursday, when Alternate Finance Minister Giorgos Houliarakis heard strong criticism over government delays and arbitrary moves, Moscovici responded on Monday to a question by a Greek MEP saying, “It will take an effort to ensure that Greece will apply the reforms it had specifically pledged to implement by end-2018.”

He noted that the first post-program report shows some “uneven” results and that the second must be positive for the disbursement of some 750 million euros.