European Commission: The reduction in GDP will be taken into account in determining the new financial targets for Greece

European Commission: The reduction in GDP will be taken into account in determining the new financial targets for Greece

Athens, August 4, 2015/ Independent Balkan News Agency

By Spiros Sideris

The presumed reduction of the Greek GDP will be taken into account in setting the budgetary targets, said today in Brussels the deputy representative of the European Commission, Mina Andreeva, citing an interview of the Economic Affairs Commissioner Pierre Moskovisi in the newspaper “Ethnos”.

Moreover, he said that this issue is the subject of ongoing consultations between the Greek authorities and institutional representatives of the lenders.

When asked for the current developments after the opening of the Athens Stock Exchange she declined to comment.

Moskovisi: They must all honor their commitments

“If all abide by their commitments of July 12, it is possible to reach an agreement”, said in an interview in “Ethnos” the Commissioner of Finance Pierre Moskovisi.

Asked about the progress of the Greek government negotiations a week after the start of discussions, he spoke of encouraging progress so far: “We are moving in the right direction. A great deal had been done since the Summit of the Eurozone on July 12. Apart from legislating the two “packages” of measures voted on July 15 and 22, meetings have began in Athens, as well as talks at a technical level”.

Referring to the meetings with the technical cadres of the European Commission, the ECB, the European Stability Mechanism and the IMF, he says that “our Greek partners respond fully and constructively and work hard to find an agreement that is in everyone’s interest”.

As he noted, the discussions so far have covered a wide range of themes and policy issues.

According to the European Commissioner, Athens and institutions must firstly reach a common view of the macroeconomic and financial situation and adds that “obviously, the economic situation has worsened considerably compared with the beginning of the year and there is agreement that this should be taken into account when deciding on the budgetary targets”.

Moskovisi notes that other important issues on the agenda of discussions is the situation of banks, the modernisation of the public sector and reforms in the area of ​​product market and economics of the Public sector.

“It is too early to draw definitive conclusions at this stage, but the constructive cooperation at technical level should now allow negotiations for a new three-year program to advance rapidly”, says Pierre Moskovisi, while at a question as to the next steps he replied that what we need now is to agree on the implementation of concrete actions and set milestones for the timetable.

“The text of the communiqué of the Summit of the Eurozone and the list of reforms submitted by the Greek authorities on July 9 is our guiding compass”, Moskovisi says and adds:

“The course has been mapped and the first steps have been made. Now, the issue is time. It is essential for Greece to continue to work to restore confidence with international partners. Soon there must be adoption of the proposed measures – as described in principle in the text of the Summit – so as for the programme to start on time. I count on our Greek partners to follow an ambitious agenda, so that we can keep an ambitious timetable. If everyone abide by their July 12 commitments, then it is possible to reach agreement”.

On the question what else should be done to drive Greece into growth and create jobs, Finance Commissioner refers to European Commission president: “President Juncker has repeatedly stated that the Greeks are close to his heart and that is why he has been involved personally to help Greece”.

“At the same time we work on the new program, the Commission is working together to help Greece by providing expertise and financing for investments”, Moskovisi points out and adds that on July 15 the Commission presented a draft of EUR 35 bn for the development and employment in Greece by 2020. “The Commission wants to help in your efforts to rebuild your economy, for Greece and for the good of the Union. We are in this together”, he adds.