Moscovici hopes for Greece debt deal by year-end

European Commissioner for Economic and Financial Affairs Pierre Moscovici said Tuesday he hoped a deal to secure debt relief for Greece could be reached by the end of the year.

Speaking during an event organized by the Brussels-based weekly Politico, Moscovici said that a Greek exit from the euro area was no longer in the cards.

"We want to build a success story with Greece. We are making good progress," he said adding that a Grexit would have turned the eurozone into a fixed rate regime.

"History shows they don't survive," he said.

"We always take our decisions in the framework of the rules, with intelligence and flexibility," Moscovici added.