Moscovici expresses hope that Eurogroup will signal swift conclusion of Greece’s 2nd review

Arriving for a Eurogroup meeting here on Monday, European Commissioner for Economic and Financial Affairs Pierre Moscovici expressed hope that it would send a signal that Athens and the institutions were moving toward a swift conclusion of the second review.

“Our enemy is uncertainty,” he said, noting that uncertainty increased in Greece the longer that decisions were delayed, with investors waiting on the sidelines and growth remaining weak. For this reason, he added, it was necessary to move fast and complete the second review in order to show that Greece is now on a path toward growth and prosperity, with a more stable economy.

Moscovici said there had been significant progress since the Eurogroup in February, especially after the last visit of the institutions’ missions in Athens, which he said had allowed the two sides to come much closer.

The Commissioner also noted that the Greek government had made up for the lost ground after the summer of 2015, voting and implementing reforms in many areas, including the pension system, the labour market and privatisations. There was now the start of a process that was “a success story,” he added, and the completion of the second review was important since it would send a positive message to international investors to return to Greece.

Regarding the IMF, Moscovici repeated that this has participated in the Greek programme from the start and will continue to do so. “We are working closely with the IMF in order to reach a comprehensive agreement with all sides,” he said.