European Commissioner Pierre Moscovici commented that the Greek government must provide “more precise parameters” on its pension system reform proposal, upon arrival at the World Economic Forum meeting in Davos.
Mr. Moscovici told Bloomberg that brave and ambitious reforms are being voted in the Greek Parliament and explained that while the first draft is “comprehensive and positive” it needs to be fleshed out more.
This, he added, is critical so that the first bailout program review can conclude, which in turn will pave the way to initiate talks on reprofiling the Greek debt.
Although Mr. Moscovici noted that an outright write-off of the debt is unlikely, he estimated that there are technical ways of reducing the debt, by extending repayment periods and working on interest rates.
