Moscovici: Greece has made major progress, but still not out of the woods


Greece has made major economic progress but it is still not out of the woods, the EU’s economy commissioner, Pierre Moscovici, said Tuesday after Athens outlined plans to return to the financial markets for the first time since 2014.

Tuesday’s bond issue is a sign that Greece has made “spectacular progress” Moscovici said during talks with Greek President Prokopis Pavlopoulos in Athens.

However, Moscovici said: “We have not yet reached our destination, we know that we must work hard to complete the program.”

“We must adhere to the same principles so we can share out the benefits. The Commission will continue to stand on the side of Greece. You can count on our support, we want Greece to return to normalcy,” the commissioner said.

In an announcement Monday, Athens said it had hired six global banks to manage Tuesday’s five-year bond issue. Settlement will be August 1. On Friday, ratings agency Standard & Poor’s raised its outlook for Greece from “stable” to “positive.”