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Greek PM, EU commissioner call for growth-oriented policies, as creditors return

Xinhua, April 18, 2016 Adjust font size:

Greek Prime Minister Alexis Tsipras and visiting EU Commission Vice President Jyrki Katainen on Monday urged the implementation of growth-oriented policies to pull the Greek economy out of its debt crisis, as international creditors returned to the Greek capital requesting additional austerity measures.

"After six years of austerity, it is time we spoke for growth, investments and job creation," the Greek leader said after meeting with the European commissioner for employment, growth, investment and competitiveness.

If there is growth, Greece can reach the goals agreed with its lenders under the third bailout sealed last July, Tsipras said.

"We are here to help you," Katainen told his Greek hosts, adding the European Union and the European Investment Bank can help private companies get financing.

The European Commission is currently holding discussions with the private sector in order to find the suitable financing tools and with the Greek banks to finance particularly small and medium-sized enterprises (SMEs), he said.

However, such discussions can continue under one condition, Katainen noted. "The conclusion of the Greek program review is the only way forward," he stressed.

Representatives of the International Monetary Fund (IMF) and European creditors returned to the Greek capital to resume talks with the Greek government after a one-week break for the spring meetings of the IMF and the World Bank in Washington.

Greek ministers have expressed optimism over the past few weeks that the review can be concluded by the upcoming April 22 Eurogroup meeting. May 1 has also been cited as the next target date over the past few days.

According to Finance Ministry sources, there are still some pending issues regarding tax and pension system changes in the next set of fiscal discipline measures and reforms being negotiated in exchange for the disbursement of fresh rescue loans.

After the talks in Washington, Greece's lenders requested additional austerity measures of up to 3 billion euros (3.40 billion U.S. dollars) if Athens fails to meet its target for a 3.5 percent of GDP primary surplus in 2018.

The suggested measures, according to sources, range from new cutbacks in pensions and wages of civil servants to new increases of VAT rates in electricity and water bills from the current 13 percent to 24 percent. Enditem