Commission Vice-President Dombrovskis confirms that Greek economy is recovering

“I would not say that banking issues are the most urgent ones within the framework of the third programme review,” European Commission Vice-President Valdis Dombrovskis said on Wednesday during a press conference, on the IMF’s request to evaluate the Greek banks’ asset quality review.

“The Greek economy is recovering, the economic growth is returning and financial stability is being restored, including the stability of the banking sector. The public deficit is declining, and later in the month Greece will exit the excessive deficit procedure,” Dombrovskis said, adding that the country is “well on track to meet this year’s fiscal targets.”

“Within the framework of the third programme review, Greece must meet the 3.5 percent surplus target as of next year,” he said, adding that Greece needs to deal with the bad loans and this is why a European strategy on non-performing loans is necessary.