The European Union is not laying the groundwork for a Greek exit from the Eurozone, although negotiations are moving too slowly, Economic Affairs Commissioner Pierre Moscovici told French news agency AFP on Thursday.
“There are no preparations for a ‘Grexit‘. There is no Plan B,” Moscovici said on the sidelines of the International Monetary Fund (IMF) and World Bank meetings in Washington. Moscovici admitted, however, that negotiations between the EU and Athens are moving “too slowly.”
Moscovici said many details still need to be worked out. “Time is running out … It is absolutely crucial to record solid progress.” The European Commission has suggested that the Greek government should not continue discussions until June when the new Greek program, the third one, will be set under negotiation.
On his part, German Finance Minister Wolfgang Schaeuble said that in order for Greece to receive the 7.2-billion-euro tranche of the second aid program and avoid default, it needs to persuade the three institutions – IMF, European Commission, European Central Bank – that it has fulfilled a large part of its obligations.
The decision is on Greece, said Schaeuble, who is in favor of a strict stance against Greece. Moscovici had earlier stated that the repercussions of a possible exit of a member-state from the Eurozone could be contained. However, he added that an exit could mean a political rift and may raise questions on which country will follow. “That would be a catastrophe for the Eurozone,” Moscovici concluded.
(Source: ANA-MPA)
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