EU’s Moscovici says Greece’s fiscal gap for 2020 to be reduced

Pierre Moscovici, the outgoing European Commissioner for Economic and Financial Affairs, Taxation and Customs, expressed his confidence during his visit in Athens on Friday that the fiscal gap for 2020 would be reduced after his meeting with Greek Prime Minister Kyriakos Mitsotakis.

“We are working together hand-in-hand in order to reduce any fiscal gap, so Greece can present to the Commission on the 15th of October a draft budget plan which can be compliant with the rules,” Moscovici said.

Moscovici has been heavily involved in the progress of the Greek bailout and in the negotiations among the institutions and the Greek government since November 2014.

“We are happy to see that Greece is now progressively after tough times building a success story,” he said.

Referring to the GDP primary surplus figures, the commissioner stressed that it is a matter of credibility for Greece to meet its target.

“The Greek government is committed to a 3.5 percent GDP primary surplus target in 2020. We must find the ways to ensure that this target which has been set by the Eurogroup for 2020 is respected because it is a question of credibility for Greece, continuity of reforms, stability and a serious approach towards public finances,” he explained earlier during a press conference.

But he pointed out that both parts need to work together to try to get progressively to more reasonable fiscal targets.

During his meeting with Mitsotakis, Moscovici discussed also about the return of the Securities Market Program (SMP) and the Agreement on Net Financial Assets (ANFA) as budget revenue.

Moscovici, who met also with Greek President Prokopis Pavlopoulos and Finance Minister Christos Staikouras, congratulated the Greek government for taking the right direction in supporting growth, strengthening the reform momentum and modernizing the state.