Moscovici: Agreement is good, but a few more measures are needed…”

Moscovici: Agreement is good, but a few more measures are needed…”

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In an interview to Thema newspaper, the European Commissioner for Economic and Financial Affairs Pierre Moscovici said there were still a few financial measures that needed to be legislated on the part of Greece. Although the Commissioner did acknowledge that the bulk of measures the Greek government had legislated were sufficient for the country to achieve and maintain a primary surplus of 3.5% of GDP, his reference to the necessity for some new financial measures in light of the 3rd review should raise concerns, as these types of interventions are usually linked to tax hikes or cuts in social security or pensions. On the issue of the 3rd review of the programme moving forward, Mr. Moscovici said the focal point would be the implementation of of the legislated measures in Parliament by the Greek government like the modernisation of the state services and public administration. The French politician avoided pinpointing when he thought Greece could go to the markets to raise capital, stressing that it could happen sometime in the near future. He underline that if a review concluded swiftly it would send a positive message to the markets and build investors confidence in Greece. “The Greek authorities have made enormous efforts over the past months to implement the 140 prerequisites and to close the second review. The recognition of these efforts was largely reflected in the Eurogroup agreement, which paves the way for the disbursement of the third tranche under the ESM program”, he said.

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