Moscovici Says Greece Faces Clear Signal: `Speed Up'

Moscovici Says Greece Has Clear Signal: `Speed Up'

Greece needs to “make the move” and show tangible progress to its creditors as bailout talks resume, according to European Economic Affairs Commissioner Pierre Moscovici.

“There must be a clear signal given to the Greek government: Now, speed up,” Moscovici said in an interview with Bloomberg in Washington.

Greece’s prospects don’t threaten the European Union’s economic recovery, since the nation contributes only about 2 percent of the EU economy, Moscovici said. At the same time, he said, Greece needs to avoid leaving the euro, a so-called Grexit, to keep from casting doubt on the currency union’s future.

“Nobody’s advocating for a Grexit, nobody is preparing a Grexit, but everybody is telling the Greeks now it’s time to deliver,” Moscovici said.

Negotiators will resume talks in Brussels this weekend, ahead of an April 24 euro-area finance ministers’ meeting in Riga, Latvia. The goal for this week is to show “concrete progress” that reforms are being prepared to satisfy Greece’s bailout commitments, Moscovici said.

“The meeting in Riga must be useful and then we must conclude, beginning of May,” Moscovici said. “It’s really time. I urge the Greek government to make the move and to work with us.”

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