The European Commissioner for Economic and Financial Affairs, Taxation and Customs Pierre Moscovici argued that any discussion for Greece’s debt release will take place after the conclusion of the first program review, which is expected by the end of November.
Nevertheless, Mr. Moscovici, who gave an interview to the Wall Street Journal from Lima on the sidelines of the IMF and World Bank’s annual meeting, argued that there is “no will around the table of the Eurogroup for a haircut or a restructuring of the debt”. He did, however, note that the Eurozone countries may examine a “reprofiling” of the debt, which could entail extending payments or reducing interest rates.
Mr. Moscovici appeared optimistic about Greece, noting that the climate has changed and estimating that “the worse” was over. The European Commissioner also commented that he was confident that the International Monetary can and must participate in the new Greek bailout program. The IMF has consistently argued that the new bailout program must include significant debt relief.
