Economy

Greece won't need fourth bailout, EU's Moscovici says

Greece won't need fourth bailout, EU's Moscovici says”

Greece will not need a new worldwide aid program after its third bailout ends in August, the European Commissioner for Economic and Financial Affairs Pierre Moscovici said in Athens on Thursday.

A euro zone finance ministers meeting is scheduled for June 21.

"The exit from the bailout is becoming apparent and under very good circumstances", Moscovici said.

Greek public debt is forecast at 180 percent of gross domestic product this year.

The government aims to create a cash buffer of about 20 billion euros ($24.5 billion) by the time its bailout program ends in August, of which half will come from markets and the rest from European Stability Mechanism bailout funds. "This success is real and on this basis we will inspect what will follow afterwards, what the supervision that Greece will be after the programme", noted Moscovici, adding that his personal point of view has always been that Greece belongs in the "heart" of the eurozone and the EU.

"Being in the programme means being in the programme, being out of the programme means being out of the programme, there can not be a fourth programme or any kind of fourth programme, either a precautionary programme".

Moscovici, who is in Greece for talks on the next steps in the program, said it was up to Athens to devise a strategy for exiting its bailout and the post-bailout surveillance period.

Greece made a new successful test return to markets on Thursday, selling a 7-year state bond with yield set at 3.5 percent, Greek national news agency AMNA reported.



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