EU Commission: A year after fiscal program's completion, Greece on a path of steady growth
(AP Photo/Jean-Francois Badias)

EU Commission: A year after fiscal program's completion, Greece on a path of steady growth

Greek public and private sectors must work together for a better future for the Greek people, European Commissioner for Economic and Financial Affairs Pierre Moscovici said in Brussels on Monday, a year after Greece successfully completed its fiscal stability program.

In a statement on Monday, the European Commissioner said, "Economic data is showing positive signs, indicating efforts will continue to bear fruit for a society that has seen a lot of hardship. However, challenges remain and willingness to engage, actively, in the process of reform completion – and to work closely with European partners – will be essential to supporting stability, growth, job creation, and a better social welfare system in the months and years to come."

"It is important," Moscovici added, "that all public and private actors work together to secure and sustain a better future for the Greek people," and he reiterated the EU's support for Greece.

Greece's growth is "steady, unemployment is going down and public finances have improved," Valdis Dombrovskis, vice-president for the Euro and Social Dialog said, adding that "it is important to build on these achievements by continuing on the path of responsible fiscal policies and structural reforms, including those aimed at strengthening the Greek financial sector."

In total, Greece's European partners provided 61.9 billion euros in loans in return for the Greek authorities implementing a comprehensive reform package. The threee-year stability support program took a coordinated approach to tackling long-standing and deep-rooted structural issues that contributed to Greece experiencing an economic crisis and losing access to financial markets, the Commission said in its brief statement.

"When taken together, these reforms have laid the foundations for an economic recovery, putting in place the fundamental conditions needed for sustained growth, job creation and sound public finances," the European Commission noted, adding that "Greece can count on the European Commission's support in this effort."

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