The European Commissioner for Economic and Financial Affairs, Pierre Moscovici, considers that the spring meetings of the IMF and the World Bank have put rumours of an extension of the third Greek bailout plan to bed once and for all. He calls for a semi-automatic mechanism that will make possible, from mid-August 2018 (when the aid plan ends), to assure the viability of the Greek debt whilst at the same time relieving it, on the basis of the level of growth recorded in Greece (interview by Élodie Lamer).
What progress has been made on coming out of the Greek bailout plan and, in particular, guaranteeing the viability of the Greek debt?
There have been lots of discussions on Greece in Washington, with everybody. And I believe that there are some solid anchor points.
The idea of extending the Greek bailout plan gave rise to rumours that these meetings have been able to quash. Everybody feels committed to the timetable. In June or July, we will decide. In August, Greece will come out of the bailout plan. We have to put this business behind us.
On the viability of the Greek debt, Germany would like to link the relief measures to the pursuit of reforms. What type of mechanism would be acceptable to you?
The points of discussion are no secret: how do we monitor the Greek economy when the bailout plan comes to an end so that Greece keeps its commitments and how do we set in place a mechanism that will lighten the burden of debt in line with growth? Then, how do we set a growth strategy in place?
We are not in the finalisation stage. But if everybody does their bit - if the Greeks reform their economy as they should and if the partners show solidarity - the business will be finished and finished well.
The IMF wants an automatic mechanism to trigger debt relief measures, with no political involvement. What is the Commission's position?
A solid and durable mechanism is needed. I think that automaticity is a good principle. This should not stop decisions from being made, if required, that are the expression of political will. Let us say that a semi-automatic system is possibly the best. But let's not go back to a manual mechanism.
Is there a feeling that the IMF will join the aid plan just before the Eurozone plan comes to an end?
The IMF has been a real partner in trust and everybody wants it to stay on board until the end. It's an adventure we have been on together and we have to finish it together. (Original version in French)