‘Vital Week’ for Greek Economy Lies Ahead, Says EU’s Moscovici

Meeting between the Prime Minister of Greece, Alexis Tsipras and the European Commissioner for Economic and Financial Affairs Pierre Moscovici (file photo)

As Greece prepares for a critical eurozone finance ministers’ meeting on Thursday, European Commissioner for Economic and Financial Affairs Pierre Moscovici has said a “vital week” lies ahead.

In a series of tweets on Tuesday, the commissioner said “key developments” in recent years had seen Greece’s economy moving in the right direction.

“Last year saw a return to growth (1.4 percent) and we forecast the economy will expand by 1.9 percent this year and 2.3 percent in 2019,” he wrote.

On unemployment he tweeted: “Since peaking at the unbearably high level of 27.5 percent in 2013, unemployment has been declining steadily. It was 21.5 percent in 2017 and is forecast to fall to 20.1 percent this year, 18.4 percent in 2019. On the right track, but still a way to go.”

He also said Greece had “delivered on its commitments and I am confident that Member States will now deliver on theirs”.

“We need a balanced compromise between all actors, ensuring growth and sustainable debt for the future of this country that has gone through so much,” Moscovici added.

Last week, in an interview with the Greek newspaper Kathimerini, Moscovici said he was “certain” of a deal to see Greece on its way out of the bailout this week.

“An agreement on June 21 will send a strong message to the EU Summit taking place later in June that things are progressing according to schedule, that we have finished with this chapter and are heading toward a strong future for the Eurozone,” he was quoted as saying.