There will be no precautionary credit line for Greece after the end of the current ESM program, and Greece’s debt relief will be significant, said European Commissioner for Economic and Financial Affairs Pierre Moscovici in an interview, however stressing that the implementation of the reforms should not stop after Greece’s exit from the program.

Mr. Moscovici explained that after the successful conclusion of the current program, Greece should become a proper member of the Eurozone. This will mean three things: first, in the following months we will have a growth strategy developed by Greece itself; second, there will be a “significant” relief of Greece’s debt, which will not however include a “haircut”; and finally, there will be “proper” after-memorandum supervision, which will not constitute a program.

 

Translation: Eleni Gogou