NEWS

More action needed from Greece, European Commission says

The European Commission urged Greece on Monday to take real action and make progress towards implementing reforms that could unblock more loans to Athens, stressing that political will, even if strong, was not enough at this stage.

“The Greek authorities have committed to presenting a list of reforms in the next few days. We are expecting it now, Commission spokesman Margaritis Schinas told a news briefing.

“At this stage, strong political will by itself does not suffice, it must translate into action and progress,» he said.

“We have fact-finding teams in Athens, policy talks may also be held in Brussels to facilitate this process — there is a time for words and declarations but now is the time for work.”

Greece is running out of cash but cannot get any new loans unless it satisfies its creditors — euro zone governments and the International Monetary Fund — that it is implementing agreed reforms that will allow it to repay what it borrowed. [Reuters]