Moscovici: We will reach a good compromise on the non-performing loans issue

During a news conference, after the completion of a round of meetings with top government ministers in Athens, the EU Economic and Monetary Affairs Commissioner Pierre Moscovici expressed his satisfaction over “a spirit of cooperation and confidence” restored between the institutions and the Greek government following the signing of the agreement on July 12.

Although he said that a solution for the non-performing loans should be found so as Greece could get the required 10bln euros for the banks, he did not link that issue to the fiscal measures.

He also estimated that Greece and its creditors would reach a good compromise on the non-performing loans issue saying that “we agree to protect the most vulnerable groups, but we also need to find a solution for those who go bankrupt in order to avoid their obligations.”

Moscovici said his visit’s aim was to prepare the next steps, such as the November 9 Eurogroup, which will be very important and stressed that “by the end of the week the government has to take difficult decisions”.

He repeatedly expressed European Commission and his personal support to Greece’s “difficult decisions”and stressed: “We want a strong Greece, with employment, improved social cohesion and attractive to investors», adding that Greece is a blessed country with huge assets that could be developed for the benefit of all.

Regarding the pension system he stressed that the reforms should be completed in order to become sustainable and noted that reforms would be defined this month since the final decisions have not been reached yet.