Greece has met EU’s conditions for fiscal deficit, Moscovici says

Greece has met EU’s conditions for its fiscal deficit, namely its reduction under 3.0 pct of GDP, European Commissioner for Financial Affairs Pierre Moscovici said in a press conference during which he presented European Commission’s recommendations for each country.

However, Moscovici clarified that the official decision for the suspension of the excessive deficit procedure will be taken after a comprehensive political decision for the Greek issue is reached.

“Greece has succeeded to cut deficit under 3.0 pct of GDP in 2016 and 2017 according to EU’s rules and these are good news”, said Moscovici adding that the conclusion of the second review of the Greek programme and the course of the Greek debt at mid-term and long-term level will be discussed at a Eurogroup meeting later on Monday. “I hope in a positive way” said the French commissioner underlining that “it’s time partners to assume their responsibility”.

Referring to the excessive deficit procedure, Moscovici said that the ongoing deliberations including the debt issue will have consequences on Greece’s public finances and the “official decision for the abolition of the procedure will be taken when all aspects have been examined.

“We can say that we are on this direction” he noted and clarified that “Greece has already fulfilled the conditions of the Stability Pact”.