EU Commissioner P. Moscovici: "Time is running out"

EU Economic and Monetary Affairs Commissioner Pierre Moscovici gave this speech following the Eurogroup meeting on Friday, April 24:

Time is running out. But our determination to reach a positive outcome is as strong as ever. So let's step up a gear and bring this process to a successful conclusion, in the interests of the Greek people and of all Europeans.

I would also like to say a few words on two other Member States, Cyprus and Spain.

Concerning Cyprus, I was able to inform the Eurogroup that there have been very encouraging developments in recent days that open the way for the programme to be back on track after several months (6 months) of difficulties.

The adoption last Saturday by the parliament of the new insolvency framework meant that a further delay in the entry into force of the foreclosure law could be avoided, and this law is now in force.

These are important steps towards completing the stabilisation and strengthening of the banking sector in Cyprus, which in turn is a prerequisite for strengthening the flow of credit to the households and businesses.

We will now be able to move forward with the next review mission to Cyprus, to be started early next month, which I expect to conclude in time for me to report on progress to the next meeting of the Eurogroup on 11 May.

As regards Spain, I outlined to the Eurogroup the key findings of the third post-programme surveillance report, which will be finalised and published in early May. Overall, recent developments in Spain confirm the positive trend seen over the past year. The economic recovery has gained momentum. The financial sector has further stabilised and the restructuring of banks having received State aid is well underway. Also, I want to...