European Commission Chief: Greece Doesn’t Need Additional Fiscal Measures

jean-claude junckerEuropean Commission President Jean-Claude Juncker said that Greece does not need any additional measures, but rather time and to take ownership of the measures agreed.

In an interview published in MNI and, Juncker explained that the European Commission will not support a plan for contingency measures and will only examine such a prospect provided all parties are in agreement and close cooperation with the Greek government.

Juncker said that the International Monetary Fund must participate in Greece’s third bailout program and the differences on fiscal targets between the Fund and European institutions must be bridged. However, he said, that cannot be done at any cost. The European Commission chief said he is confident that the Eurostat figures on Greece’s progress to be published on Thursday will justify the Commission.

Regarding the progress of negotiations on Greece’s bailout program and whether the review will be completed on time, the European Commission President said that it was not wise to set any deadlines for the bailout review and stressed that anyone who dares to bring back the scenario of a ‘Grexit’ is playing with fire.

Regarding the Grexit scenario that appeared again, Juncker said characteristically: “I do not believe, not for one second, it would be wise and smart to re-start this discussion. The “Grexit never happened and never will.”

Regarding the talks on debt, Juncker stated that they must soon begin and noted that it is a political issue. However, he ruled out the prospect of a nominal debt haircut and added that the possibility of an automatic reprofiling will depend on the agreement that is reached.