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European Finance Commissioner: IMF Makes 'Politically Impossible' Demands of Greece

e57b301fc7b837de56a4ea21fa31593fEuropean Commissioner for Economic and Financial Affairs Pierre Moscovici said that the International Monetary Fund is making “politically impossible” demands of Greece.
In an article he wrote for the Financial Times, Moscovici wrote thatĀ Greece has made “unprecedented efforts [including] major reforms of the pension, personal income tax and VAT systems,” thereby further demands could undermine the progress made so far.
Furthermore, the Commissioner noted that the Greek debt is sustainable and rejected IMF’s position to the contrary, and there is no need for more taxes and pension cuts.
In addition, according to IMF, the 3.5% primary surplus target Greece and creditors have agreed on is unrealistic and further measures should be taken after 2018, when the bailout program expires. “It is vital that agreement on credible fiscal targets [for the years beyond 2018] is arrived at swiftly,” Moscovici wrote, adding that the targets should not undermine growth prospects.
Moscovici stressed that Greece’s efforts to come out of the economic crisis should not be “tied to demands that are politically impossible, economically undesirable and socially unacceptable.”
The finance Commissioner concluded that euro zone state leaders and creditors must take the initiative to help Greece, “taking a shared responsibility in achieving this.”

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