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#Greece: ‘It is time to turn the page on this long and difficult austerity chapter for the Greek people’

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An agreement on the Greek Stability Support Programme has been reached, with hope on all sides that debt relief is within reach given the significant efforts made by Greece.

Pierre Moscovici, Commissioner for Economic and Financial Affairs, Taxations and Customs, said the agreement reached overnight in Athens is a very positive development following months of complex negotiations. He said: “These new efforts agreed by the Greek authorities open the way for a rapid conclusion of the second review.

“The swift implementation of these commitments should enable the Eurogroup to endorse this agreement at its next meeting. This second review is strategic for Greece as it not only delivers on key reforms to modernise the Greek economy but also secures a credible fiscal path for the years to come, beyond the ESM programme.

“It is now for all partners to reach an understanding on the question of Greece's debt in the coming weeks. It is time to turn the page on this long and difficult austerity chapter for the Greek people. With this agreement, we need now to write a new story of stability, jobs and growth for Greece and for the euro area as a whole."

Greek Finance Minister Euclid Tsakalotos said: “There is white smoke…Negotiations on all issues have been completed, I’m certain that there will now be negotiations on debt because there is no excuse.”

The President of the Eurogroup Jeroen Dijsselbloem tweeted:

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Speaking to the European Parliament’s Economic and Monetary Affairs Committee Dijsselbloem told MEPs that debt relief was a possibility: "Last year we gave that commitment to come back to this issue of [debt] sustainability for Greece because that’s the only way they will come back on a sustainable path and a sustainable economic future."

Pierre Moscovici, who also took part in the debate, added: “The Commission will continue to support efforts to make Greek debt more sustainable. We believe it’s necessary and possible."

The Greek parliament will approve the changes before the the next Eurogroup meetings. Eurozone finance ministers meet on 22 May.

 

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