Moscovici: No More Bailout Plans for Greece, Just Supervision

European Economic and Monetary Affairs Commissioner Pierre Moscovici. © European Union, Photo: Lukasz Kobus

Greece will return to “normalcy” leaving bailout programs behind and moving ahead with growth under surveillance, European Economic and Monetary Affairs Commissioner Pierre Moscovici said in an interview to the European Progressive Forum.

“Let’s be clear: there will be no more ‘memoranda’”, said Moscovici adding that provided responsible fiscal policies are pursued in the future, there will be no more need for austerity.

“The swift and successful conclusion of the third review bodes well for the next steps. There is just one, final review left to complete before the program concludes in the summer. I trust that it will go equally smoothly, provided the good constructive spirit that has defined the cooperation over recent months is maintained by all partners,” he said.

Moscovici went on to add that “Greece will become, in economic terms, a normal European country once again. Greece’s economic policies will be monitored through the coordination process we call the European Semester,” underlining, however, that due to ongoing program commitments, “there will also need to be an appropriate type of post-program surveillance in place”.

In his interview, Moscovici pointed to the “tremendous sacrifices” made by the Greek people, which, he said, “are now paying off”.

“Greece has come a long way since the dramatic days of spring 2010, and since the turbulent summer of 2015… I have worked very well with Alexis Tsipras and Euclid Tsakalotos these past years. The open lines of communication have been crucial in helping to move the process forward, whenever we have hit one of the many obstacles that were scattered along the path. And we have always succeeded in overcoming those obstacles, together.”

Greece is set to exit its third bailout program this August and return to sovereignty following eight years of strenuous financial supervision.