New ESM head to visit Greece

The new head of the European Stability Mechanism, Pierre Gramegna, announced on Monday he will visit Greece in the next couple of weeks.

Speaking after Monday's Eurogroup, the former finance minister of Luxembourg also stated that the government support measures most European Union state implement against energy rate hikes will now have to become more targeted and at the right time, a view shared by Economy Commissioner Paolo Gentiloni.

The Italian official actually went on to say the support measures will have to be phased out soon.