Speaking at the European Parliament on November 22, EU Economic and Monetary Affairs Commissioner Olli Rehn delivered a very positive statement on Greece, ahead of the upcoming Eurogroup due on November 26:

“At the beginning of this week a staff-level agreement was reached between the EU-IMF Troika and the Greek authorities on an updated set of program conditionality. The long meeting of the Eurogroup on Tuesday night saw substantial progress towards an agreement on Greece, even if a definitive conclusion ultimately proved elusive. Importantly, the Eurogroup recognised that the Greek authorities have successfully implemented the full set of prior actions agreed with the Troika. This is the result of a very considerable effort on their part”.

“So we should move beyond the myth that no progress has been made in Greece. That perception is damaging and unfair. Greece is delivering. Now it is time for Greece’s European and international partners to deliver their part of the bargain. To do that, the Eurogroup needs to decide on a credible set of measures to restore Greece’s debt sustainability”.

“The discussions on Tuesday night moved us close to an agreement. In this context, we should be clear that this set of measures does not exclude the need to reassess Greece’s debt sustainability in the coming years and to take further decisions as necessary in the light of future developments – depending of course on the full implementation of the reform program by Greece”.

“I trust everyone will reconvene in Brussels on Monday with the necessary constructive spirit, and move beyond the detrimental mindset of red lines. Frankly, I see no reason why we should not be able to conclude the package – and do away with the uncertainty that has been holding back a return of confidence, and thus of investment and growth, in Greece. And thus also do away with the clouds of uncertainty over the European economy”.