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Pierre Moscovici: Greece Is on the Right Track to Receive Three Billion Euros

European Commissioner for Economic and Financial Affairs Pierre Moscovici appeared optimistic about Greece’s future, during an interview with French radio station Europe1.
Moscovici noted the country is moving forward with the implementation of necessary reforms that will give it the anticipated 2 billion euros of bailout funds, and ultimately a total of 3 billion euros.
The 2 billion euros set to be disbursed are part of the final 3 billion euros of the first twenty-six billion euro installment of Greece’s bailout package.
Greece and creditors agreed upon a total three-year 86 billion euro bailout in August.
The Greek parliament legislated on Friday a list of prior actions that were required by its creditors for the disbursement of the 2 billion euros. Representatives of the creditors are in Athens negotiating with the Greek government as the prior actions list does not cover all of the reforms and measures the institutions deem necessary for the bailout’s success at this point.
The disbursement of the 3 billion euros will be followed by a review of the bailout program’s progress and the European Central Bank addressing the issue of Greek banks’ recapitalization, most likely in November, Mosovici noted. The issue of the Greek debt which requires, a realistic solution, he added, will be discussed thereafter.
“The Greek issue is on the right track. This requires that each (party) plays the role that concerns them. For the Greek government it means that it continues its commitments for reforms that are necessary for the country to find growth and employment. For its counterparts, that are member states of the Eurogroup in the Eurozone, having a productive stance toward Greeks. Francois Hollande’s visit is included in this context,” he said.
The French President arrived in Athens on Thursday for a two-day visit in the Greek capital, which will include a speech in the Greek parliament on Friday.
Alternatively, Moscovici addressed the refugee crisis which has seen more than 500,000 people arrive in Greece with the aim of travelling further into the European Union.
In order to tackle the refugee crisis and the issue of Greece’s current economic crisis Moscovici said “we need more cohesion, which will in turn allow us to face the financial crisis in Greece and the refugee crisis effectively”.
“The problem is how can we integrate men and women who have been through persecutions, murders, and dictatorships and who can respond to the needs of countries like Germany, for working hands. As far as Greece is concerned, this is a country that has problems of social cohesion, justice, and economic growth, but that is why we need tools and I can assure you that the Commission has no other priority beside growth and employment in Europe and all of its policies are toward that direction,” he said.

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