When asked about the timeline for a decision on the Greek debt he noted that “if the evaluation is complete by the end of November, the Eurogroup may decide that the issue of the debt can be discussed at the end of the year. It is up to the Eurogroup to decide the exact timeline towards a final decision”.
“Given the difficulties that we have encountered and the friction that we experienced in order to achieve a deal, it is crucial that the program is kept in the right track. A positive first evaluation is important for the financial stability of Greece as well as the rebuilding of trust on the Greek economy. It is important that the banks will be recapitalized and capital controls be lifted. All these are crucial steps in order to bring investors in Greece…Financial stability is a prerequisite for the investors and the financial growth of the country”.
To a question about the participation of the IMF in the Greek bailout program, Mr. Dombrovskis answered that the IMF is already fully participating in all the discussions and the evaluation of the Greek program. The Eurogroup wants to make sure that the IMF will also participate with its funds. “The Commission is trying to find common grounds between the IMF and the Eurozone. But in the end Greece's creditors will decide” he concluded.
When asked about the possible measures that were being considered in order to lighten the Greek debt, Mr.Dombrovskis answered: “According to the Eurogroup, any decision concerning the debt will be taken after the completion of the first evaluation. Still this is not a decision which will be made by the European Commission, it belongs to Greece's creditors, the countries who are members of the Eurozone…The Eurogroup has reached some clear decisions; It will not accept a haircut and that means that any measures under consideration are about the maturity time of the loans, the grace period for their payment and the interest rates.”